Eastern memorials left instead of first new profits (10)

'profits' is the definition.
(I've seen this before)

'eastern memorials left instead of first new' is the wordplay.
I cannot really see how this works, but
'eastern' could be 'e' and 'e' is located in the answer.
'left' could be 'l' (common abbreviation) and 'l' is found within the answer.
'of' could be 'o' and 'o' is present in the answer.
'new' could be 'n' (common abbreviation eg NT for New Testament) and 'n' is present in the answer.
This explanation may well be incorrect...