Does Profit still update even with it throwing that error? Mine did that for awhile until it bugged me enough to wipe java and reinstall.
I usually use JavaRa to clean out java before reinstalling.
http://sourceforge.net/projects/javara/
You can also open windows task manager to make sure all java.exe processes are closed before starting Profit.
Other than resetting shorcuts in Java from the control panel and reinstalling the updater I am out of ideas.