Spain's power utility Endesa SA (ELE.MC) Wednesday said net profit in the nine months to Sept. 30 fell 11%, due to fewer extraordinary gains from asset sales.

Madrid-based Endesa, which is controlled by Italy's Enel SpA (ENEL.MI), said net profit in the period rose to EUR2.72 billion, from EUR3.05 billion a year earlier.

Asset sales in the period amounted to EUR159 million less than in the first half of 2009, Endesa said. Last year, Endesa sold its renewable energy business, as part of the deal in which Enel took full control of the firm.

This year, asset sales have gone on at a slower pace. Last month, Endesa said it will sell 80% of a bundle of natural gas distribution assets for EUR800 million to two infrastructure funds managed by Goldman Sachs Group Inc. (GS).

The sales are part of Enel's bid to reduce net debt. It became Europe's most indebted utility after acquiring Endesa in several steps in recent years.

-By David Roman, Dow Jones Newswires, +34 91 395 8127; david.roman@dowjones.com