Frankfurt Airport operator Fraport has reported a 10% increase in third quarter profit thanks to improved contributions from its retail and security services businesses and $29m from the Government of the Philippines.

In a statement the company said it now expects 2006 earnings before interest, taxes, depreciation and amortization (EBITDA) to increase by between 6% to 8% from the E.547.5m ($702.9m) result of last year.
Fraport also expects net profit to increase by more than 30% from E.161.5m ($207.3m) in 2005, having previously predicted a double-digit rise in 2006 full-year net profit.
In the third quarter, EBITDA rose 9.5% to E.198.5m ($254.8m) as revenue grew 3.9% to E.582.3m ($746.5m). Net income grew by 64% to E.103.1m ($132.2m).
The airport company said it had benefited from increased spending at airport shops, restaurants and car parks and it now expects full-year passenger traffic at Frankfurt to rise by approximately one per cent from the 52.2m total of last year.
Fraport's retail and properties division, which accounts for more than half of its operating profit, raised earnings by 9.6% to E.240.9m in the first nine months of the year.
Fraport's results also received a big boost from an initial payment of around $29m from the Philippine Government in September as part compensation for its seizure of Manila Terminal 3 that was built by a Fraport consortium.
Fraport Ceo Wilhelm Bender has already stated that this is just an interim payment and he is expecting the World Bank to rule on the airport company's total $425m compensation claim by the end of this year.