UPDATE 1-Acciona core earnings boosted by energy

MADRID, Nov 15 (Reuters) - Spanish conglomerate Acciona posted a 17 percent increase in core earnings on Monday as growth at the group's energy business offset weakness in real estate.

Higher electricity prices and new windfarms in Acciona's main Spanish market gave momentum to the group's conversion from a construction firm to an energy group.

Nine month earnings before interest, taxes, depreciation and amortisation came in at 813 million euros ($1.11 billion), compared with 821 million in a Reuters poll.

Net profit fell 3.3 percent compared with a year earlier to 101 million, short of a 111.8 million forecast.

Acciona is holding a conference call at 1700 GMT where it is likely to face investor questions about uncertainty over subsidies for renewable energy in Spain and the United States, as well as the outlook for Spain's beleaguered property market.

(Reporting by Sarah Morris; Editing by David Cowell)

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($1=.7344 Euro)

Keywords: ACCIONA/



* Nine-month EBITDA up 17 percent

* No plans for energy division IPO

* Reiterates sees year-end net debt at 8.2-8.3 bln euros

* Net profit down 3.3 percent



(Adds details from conference call)

By Judy MacInnes

MADRID, Nov 15 (Reuters) - Spanish conglomerate Acciona posted a 17 percent rise in core nine-month earnings after growth in its energy business offset weakness in real estate.

Higher electricity prices and new windfarms in Acciona's main Spanish market gave momentum to the group's conversion to an energy group from a construction company.

But it has no plans to spin off its energy division in the short term, corporate develolpment director Juan Muro told analysts on a conference call.

Nine-month earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 813 million euros ($1.11 billion), compared with 821 million in a Reuters poll.

Net profit fell 3.3 percent to 101 million euros, compared with a 112 million forecast.

Net debt rose 11.5 percent to 8.1 billion euros, due in part to investment over the period. Muro reiterated the group's net debt target of 8.2-8.3 billion euros by the year-end.

More than a year ago, Acciona said it was considering the sale of property assets and concessions among other possible divestments.

Muro said Acciona was in talks over three potential sale processes, without giving further detail. 'We are working on three deals which are a combination of a rotation of mature assets in the portfolio and the sale of non-strategic assets.'

(Additional reporting by Sarah Morris and Andres Gonzalez; Editing by David Hulmes and Dan Lalor)

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