The result included a positive 58% increase to $1.8million from Queenstown Airport, of which AIA owns 24.99%, while its 40% share in a Novotel hotel there reaped a 58.5% increase to $2.78million.
Under a six-year $2billion infrastructure spend, AIA is expending about $1million a day on 44 separate aeronautical projects.
Total revenue grew 9.7% to $629.3million and operating expenses were up 8.8% to $156.2million.
Earnings before interest expense, taxation, depreciation, fair value adjustments and investments in associates increased 9.9% to $473.1million, while reported after-tax profit grew 26.9% to $332.9million.
AIA's final 20.5c per share dividend was up 17.1% for the year.
Its shares traded down slightly at $6.97 after the announcement.
Craigs Investment Partners broker Peter McIntyre said AIA's last full year profit guidance was for between $235million and $243million.
''This was well beaten, due to the accelerated passenger growth through second half trading,'' he said.
The main differences in expectations were a pull-back in marketing spend and a marked increase in repairs and maintenance, due to AIA's expanding asset base, Mr McIntyre said.
He noted AIA'S 2018 capital expenditure guidance of between $410million and $460million left Craig's estimate of $435million within range, Mr McIntyre said.
Forsyth Barr broker Damian Foster said the weaker result was driven by yield pressures, given the capacity boom from competing international airlines during the past two years.
The step up from the 10c ordinary dividends paid in recent periods clearly highlighted Air New Zealand's confidence on the medium term earnings outlook, he said.
He said Air New Zealand was aiming to improve upon 2017 earnings next year and provided capacity guidance increases of between 4% to 6%, which reflected improved market dynamics.
''The improving backdrop was highlighted in the recent July 2017 operating statistics and bodes well for an improvement in earnings over the year ahead,'' Mr Foster said.
AIA's chairman Sir Henry van der Heyden said the result reflected another year of strong growth across its business, with a continued focus on upgrading infrastructure and supporting tourism.
Domestic passenger numbers rose 8.9% to 8.6million, internationals rose 11% to 9.7million and international transit passengers were up 16.8% to 700,000.
At Queenstown, international passenger movements rose 12% to 532,285 and domestic rose 15.6% to 1.36million.
Revenue rose 23.8% for the airport to $39million and after-tax profit rose 55% to $12.1million, AIA's share reaping a $1.8million dividend.
