Veteran businessman Tony Kilduff's Second Belfry Properties fund made a pre-tax profit of €4.7m in the year ended March 2010, compared to a loss of €24.65m the previous year.
However, auditors KPMG said there were a number of material uncertainties which may cast doubt on the ability of the group to continue as a going concern. "These matters include assumptions regarding the timing and extent of a continued recovery in the property market, the optimisation of the group's property portfolio and the continuation of support by the group's secured lender," KPMG stated.
The profit meant the shareholders' deficit at the company fell to €1.43m, down from €5.2m the previous year.
The group had an investment portfolio that was worth just over €59m at the end of March in 2010. Since its year end, the fund has since sold off nearly €10.5m worth of properties via the disposal of Westwood Business Park in Coventry and an office building in Marlow.
The group's advisers, Cheval Properties, which is also headed by Kilduff, deferred its annual management fee, which is equal to 1.25% of the group's gross asset value. Management fees the previous year had been €1m.
Kilduff made millions from developing banking software company Kindle. He subsequently moved into property development and set up a number of funds to invest in British property.
He has also invested in early-stage technology companies. The Offaly native is a member of the Royal Hibernian Academy.