Airways Corporation NZ says revenues could be flat for the 2009 fiscal year given the emerging pattern for airlines to cancel routes but the state-owned business is still investing in core infrastructure.

Airways Corp is investing $6 million to build the country's tallest control tower at Christchurch International Airport and last week the observation cabin was lifted to the top of the 45-metre structure.

The 11-floor chalice-shaped tower is being built in conjunction with the airport's $208m domestic terminal upgrade.

Airways chief executive Ashley Smout said the air traffic controller had been targeting revenues of around $150m in the year to June 30, 2009, though that could in reality fall back to $140m or flat.

"There's such a moving feast with the changes in the industry at the moment ...We're seeing Air New Zealand, Qantas and indeed a lot of the international airlines descheduling."...