The purpose of this paper is to carry out the profit analysis of a three unit redundant system in which two units work in parallel and one unit is kept as spare in cold standby. Each unit has direct complete failure from normal mode. There is a single repairman (called server) who visits the system immediately to do repair, inspection and replacement of the units. The unit does not work as new after repair and so called a degraded unit. The degraded unit at its further failure undergoes for inspection to see the feasibility of its repair. If the repair is not feasible, it is replaced immediately by new unit. The system is considered in up-state if any two of original and/or degraded units are operative. The time to failure, repair and inspection of the units are taken as arbitrary with different probability density functions. By adopting semi-Markov process and regenerative point technique, the results for some measures of system effectiveness are obtained in steady state.