Property developer Bukit Sembawang Estates has returned to profitability in the fourth quarter and the full year ended March 31, 2010.

For the quarter, net profit was at $41.90 million compared to a net loss of $61.44 million a year ago. Revenue rose to $21 million from $4.86 million.

In the full year, profit was at $52.97 million, compared to a net loss of $48.41 million a year ago. Revenue rose 5.4% to 65.96 million.

The developer says its full-year pre-tax profit included a write-back of allowance for foreseeable loss amounting to $40 million arising from an increase in the valuation of the Fairways development project.

Bukit Sembawang Estates has recommended a final dividend of 4 cents pershare, up from 2 cents a share a year ago.