Shanghai Airport Authority has posted an 18% fall in 2009 net profit.

Its net profit for 2009 fell 18% to 706.3 million yuan ($103.6 million) from 859.7 million yuan in 2008, says the operator of Shanghai's Pudong and Hongqiao airports.

Revenue in 2009 was 3.34 billion yuan, down slightly from 3.35 billion yuan a year ago, it adds.

The airport authority did not provide any reasons for the fall in profit.

Its shareholders approved a plan to apply for a 1 billion yuan short-term loan at a meeting on 25 February, says the airport authority, which did not elaborate on what the loan will be used for.

The loan's term will be until 31 December 2010, it adds.

Source: Air Transport Intelligence news