The Dublin Airport Authority has posted an after-tax profit of €31.1 million for 2004, an increase of more than 50 per cent.

The figures will be released to the media this Wednesday by the chairman of the authority, Gary McGann. In 2003 the forerunner of the Dublin Airport Authority, Aer Rianta, reported an after-tax profit of €20 million. In 2002 it managed an after-tax profit of €36 million.

The profit increase for 2004 will be welcomed by the company. It has been attracting strong criticism in recent days since a security audit found several shortcomings in its security infrastructure.

As recently reported by The Irish Times, the company's turnover for 2004 has risen from €437 million to €465 million. Much of this is on the back of increasing passenger numbers.

The growth in passenger numbers at the three airports has averaged between 3 and 5 per cent over the last few years. While Shannon and Cork have grown, Dublin has been the main centre of growth.

Mr McGann is expected to confirm on Wednesday that a large severance payment was made in September 2004 to former managing director of Aer Rianta Margaret Sweeney. It is understood Ms Sweeney was paid €845,000 as part of a severance deal. He is also expected to disclose that pension entitlements brought the value of Ms Sweeney's total package to about €1.2 million. The extra pension payments were disclosed yesterday in the Sunday Business Post.