Almost 52 per cent drop was posted by Unitech Ltd on Friday in consolidated net profit for the fourth quarter ended March 2008 to Rs 360.2 crore, primarily as sale of four commercial assets to Unitech Corporate Park (UCP) had boosted profits in the year-ago period.

Managing Director Sanjay Chandra said that the company has delayed a float of real estate investment trust in Singapore and is looking to raise about $1 billion via private equity.

India’s second largest real estate firm – currently in midst of a massive diversification – further announced its plans to dilute 26 per cent stake in its telecom arm to a yet-to-be-identified strategic foreign partner.

Unitech’s net profit was pegged at Rs 747.9 crore in Q4 of FY07, when sale to UCP had contributed significantly to its bottomline. Unitech’s consolidated net sales declined 27 per cent to Rs 1,160 crore for the quarter ended March 2008, compared to Rs 1,591.3 crore a year earlier.

Unitech’s hospitality blueprint entails 35 hotels, of which 15 will be built in the first phase.  

Unitech is looking at to raise $350 million via private equity in the current fiscal year for the 15 hotels.

Unitech would also be investing business in Amusement Parks in coming two years, said Mr Chandra.