* Gas Natural 9-month results
* Due Nov. 4 before the market opens, webcast at 0900 GMT
* Net profit seen at 923 million euros ($1.35 billion)
* Focus on asset sale progress
MADRID, Nov 3 (Reuters) - Spain's Gas Natural is expected to post a 15 percent rise in nine-month net profit on Wednesday as its regulated gas and electricity distribution business shields the firm from a deep economic recession.
The utility is forecast to report net profit of 923 million euros, also helped by the inclusion of numbers from recently-acquired Union Fenosa, and core profit (EBITDA) of 2.8 billion, according to a Reuters poll of seven analysts.
"Gas Natural's figures will show resistance...to the steep falls in the generation and commercialisation of electricity in Spain, thanks to its regulated gas and electricity distribution business and reasonable figures for gas supply business," BNP Paribas Fortis said in a note to clients.
Analysts also expected the company to have compensated for the fall in wholesale electricity prices in Spain through contracts closed earlier at a higher price to the "pool" prices.
Gas Natural had net debt of 22 billion euros at the end of June, most of which is linked to an 18 billion euro loan used to buy rival utility Union Fenosa.
The utility has said it will cut its debt to 18 billion euros before year-end, partly through a 3 billion euro asset disposal plan, and analysts will be looking for any progress on asset sales at a webcast at 0900 GMT.
Following is a breakdown of forecasts (simple average in millions of euros):
9M 2009E 9M 2008 PERCENT CHANGE RANGE EBITDA 2,758 1,926 43.2 2,695-2,814 EBIT* 1,767 1,371 28.9 1,712-1,816 NET PROFIT 923 805 14.6 879-985
* Six forecasts
CONTRIBUTORS - Espirito Santo, Exane BNP Paribas, Caja Madrid Bolsa, BNP Paribas Fortis, Goldman Sachs, Bank of America/Merrill Lynch and a broker who did not wish to be named. (Reporting by Clara Vilar, writing by Sarah Morris; editing by Elaine Hardcastle)