The National Asset Management Agency made a profit of €41m in the three months to the end of March, according to its first quarter results.
That is down €18m (30.5%) on the same period of 2018 and comes as the amount of cash generated by the agency fell sharply year-on-year.
NAMA said it generated €320m in cash during the first three months of this year, compared to €560m in the first quarter of 2018.
The majority (90%) of the cash generated in its most recent quarter came from the sale of loans and property, through which it raised €288m.
The remainder - €32m - came from payments made by the debtors that remained on its books.
The figures bring to almost €44.3 billion the amount of cash generated by NAMA since its inception.
By the end of March it held assets valued at €2.83 billion - almost two thirds of which related to debtor's loans.
Alongside its latest figures NAMA also provided an update on a number of projects in which it is involved.
It said that planning permission had now been obtained to develop all of the sites it has an interest in on Dublin's Docklands.
This will add 4.2m square feet of commercial space and 2,183 residential units once completed, it said.
Meanwhile it said it was "currently assessing how best to implement" the strategy agreed for the old Glass Bottle site - referred to as Poolbeg West - which is expected to include 3,500 residential units.
NAMA said it has helped in the construction of 14,000 residential units since the start of 2014. It said another 7,182 are currently under construction, or have secured planning permission.
It has also 7,050 units that could be suitable for social housing, 2,544 of which have been delivered or committed to local authorities.