The Edinburgh-based business has booked a pre-tax profit of £829,000 for the year ended July 31 2013, compared with £55,000 the year before.
But the company, which has been listed since 1965, insists a truer reflection of its performance is revealed when the revaluation, dictated by international financial reporting standards, is disregarded.
Stripping out the impact of the revaluation, J Smart & Co said underlying earnings before tax came in at £3.96 million, which includes a £2.24m profit from property sales and a contribution from joint ventures relating to property sales.
This compares with an underlying pre-tax profit of £4.1m last year, when no property sales were included. Turnover fell by 19% to £18.4m - excluding sales from joint ventures - as construction work dropped by 20%.
J Smart & Co's property portfolio includes more than 90,000 square metres of leased commercial and industrial space in the central belt. It said occupancy levels were stable and highlighted growing interest in its unlet developments.
Recent projects include the Robertson Avenue development in Edinburgh, where although the office block has still to be let "residential sales are currently proceeding satisfactorily".
While private dwelling sales were down, the firm said "there has been a revival in sales" since July.
J Smart & Co said current trading remained challenging.