Pelorus posts pre-tax profit of $11.6m

ASX-listed Pelorus Property Group made a pre-tax profit of A$9.5 million ($11.6 million) for the year to June 2009.

Seph Glew, formerly of Chase Corporation in New Zealand, is the Pelorus executive chairman.

Pelorus said its result follows a year of significant change following its merger with a number of its property investment funds.

The merger brought property assets on balance sheet, expanded shareholders' funds and increased its capacity to take advantage of distressed and strategic opportunities.

Glew said Pelorus was now a property group with a much larger balance sheet, a solid real estate portfolio and a property funds management and services business with significant capacity and prospects.

The profit was achieved after writing down the value of group assets by A$30 million.

Pelorus has a A$220 million property portfolio, seven external funds controlling assets of more than A$200 million and its property services business manages 43 properties in Australia, here and India with a rent roll of more than A$90 million per annum.