Is there such a thing as Bad Profits?

In his book "The Ultimate Question" Fred Reicheld proposes there is a difference between good profits and bad profits. In a nutshell he considers profits good if they are made from business that enriches a customer and causes them to not only want to return to do more business but tell friends and colleagues about the experience. Bad profits conversely are profits made at the expense of the relationship with a customer, causing the customer to want to seek the product or service elsewhere. The trouble is knowing the difference. Are the profits we are generating today good or bad profits? Are we creating customer loyalty or just one time events that will dry up over time?

That question leads one to ask the ultimate question. More on that later.