Overall it never is. In general both sides spend money to force the other side to do something, so the sum is always a net-loss.
But if you win then it can be profitable, because you can gain territory, access to ressources, political influence, or even just straight up seize valuable stuff of the losing side.
And importantly even a war that is an overall loss can be profitable for certain actors. For example no matter who wins, weapon manufacturers will always make good money from it
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