UPDATE 1-Enel 9-month core profit up, tops forecasts

* EBITDA 11.3 billion euros, up 68.6 percent * Net profit 4.98 billion euros, up 86 percent * Net debt at end-September 51.4 billion euros * Forecasts full-year EBITDA at more than 14 billion euros,

MILAN, Nov 11 (Reuters) - Italian power company Enel SpA (ENEI.MI) posted a 68.6 percent rise in core earnings in the first nine months to 11.3 billion euros ($14.4 billion), thanks mainly to the contribution of its Endesa SA (ELE.MC) unit.

Enel said in a statement on Tuesday it saw full-year EBITDA at more than 14 billion euros.

Analysts' average forecast for nine-month EBITDA was 11.19 billion euros in a Reuters poll.

Debt at the end of September was 51.38 billion euros, down from 55.79 billion at the end of 2007. Enel has said it aims to reduce its debt to below 50 billion euros by the end of the year.

Enel piled on debt last year to buy Endesa, a Spanish power company, with Spanish partner Acciona SA (ANA.MC).

Enel said net profit in the first nine months rose 86 percent to 4.98 billion euros. Analysts' nine-month average forecast was 4.03 billion.

The company said its board had approved plans to sell its gas distribution network Enel Rete Gas.

Enel has a price/earnings ratio of about 8.5, below the western European sector average, according to Reuters data.

Enel shares were down 0.4 percent at 5.435 euros at 1450 GMT as the DJ Stoxx utilities index .SX6P was down 2.8 percent. (Reporting by Ian Simpson and Stephen Jewkes)