Passenger traffic is up by 3% at Cardiff

The company, owned by Welsh entrepreneur Stan Thomas, also said passenger numbers were up 3% on last year from Wales alone, despite the slump in air travel after 11 September.

The operator, which also owns Luton, Belfast and Stockholm Skavsta airports, said it proved TBI's "resilience� in the wake of the terrorist attacks and a failed takeover bid by French group Vinci.

Trading in TBI stock was stronger on Monday as the company announced turnover had surged 54% to �107.7m.

Chief executive Keith Brooks said: "TBI is well positioned to take advantage of the changing trends in the airline industry."

Resurgent fortunes

Late in September, French construction group Vinci - a subsidiary of media empire Vivendi - walked away from a planned �515.9m buyout of TBI as a result of the hijackings in the US.

The British outfit had dropped opposition to a 90p per share offer after a long courtship from the French, but Vinci turned its back on the deal when the air industry turmoil took hold, citing a technicality.

Profit File here

Glas Cymru - �11.8m TBI - �21.4m

The GE aero engine plant in Nantgarw near Cardiff announced in October it would shed 350 staff at its plant.

The Airbus plant at Broughton in Flintshire has also frozen recruitment while supplier Trefn at Llay, Wrexham, is cutting 124 staff due to reduced orders.

But TBI's fortunes have looked promising despite the market conditions.

A company spokesman said TBI's focus on short-haul routes on no-frills carriers such as easyJet meant the outlook was "encouraging."

An increased stake in the Luton airport - taken to a 71% holding in March - was also attributed, while all other TBI airports apart from Skavsta reported increased passenger numbers.

Meanwhile, utility company Glas Cymru, which took control of Dwr Cymru Welsh Water in May, announced an �11.8m profit for the same period.

The not-for-profit company called it a "solid financial and operational performance."

It will pass on �23m to consumers with a �20 rebate in 2003 and 2004.

Glas Cymru's performance outstripped its own forecast by 3%, posting �95m earnings.

But one analyst told Reuters: "It seems to be providing the cost savings, but in the long-term there is a question mark over whether this is sustainable."

He said the next review by water regulator Ofwat, which gave the green light for the Welsh Water buyout from Western Power Distribution, will be crucial as further price cutting orders could force the company to dip into reserves.