Accounting for non-current asset

According to the revised budgeted profit and loss statement for the year ending 31 December 2016 it would appear that the company may not make the previously budgeted profit of $ 1,250,000 and will fall short by about 10% to 15%. One of the directors pointed out that the company had land (2 blocks) purchased in the 1960s and that the actual value of the land was very much more than the amount stated on the balance sheet. It was then suggested that the company revalue just the two blocks that were understated and increase the assets and profits by the difference which should amount to approximately $ 250 000. This would then increase the profits for the year and would allow us to achieve the budgeted profit and declare the projected proposed dividends without a problem.