Property company Minerva has posted a pre-tax profit of £15.4m in its interim results.
The figure compares with a loss of £16.3m in the corresponding period in 2005. Net asset value per share rose 3% to 321p.
However, shares fell 2% to 380p when the results were announced on Monday as the group failed to meet City expectations.
Salmaan Hasan, the firm’s chief executive, said: “The company is entering an exciting phase, firmly focused on delivering value from the existing portfolio of first-class developments in London, coupled with vigour to search for appropriate new opportunities.”