You can use the Cut, Copy, Paste, Reorder, Rename and Delete options from the options menu in the Profile Pane in the same way as for folders and workboards in the Workboards Pane.
Profiles can be organized in a tree structure (like files and folders). Using the New Folder option, you can create folders and subfolders under the root Profiles folder.
You can also save a profile under a new name using the Save As 
option on the Application Bar.