I know you will hate this answer, but....it depends. It depends if the project has a use case that's solid enough to attract investors and raise money in the current market conditions. For example, I'm very interested in Ludos Protocol lately - I hope I'm allowed to mention the name here - as it's the kind of upcoming ICO that has an actual use case.
It's all about finding that project able to change something for good or provide a real solution to a common problem. So back to your question, yet's it's still profitable, but you need to do your research and find that project to put your money on.