How is buying a condo as a second property and renting it out profitable when you have to pay ABSD, extra property and income taxes, bank loan interest and etc?

Do your calculations if you wanna buy.

some people definitely are making money from a second property even if ABSD was involved.

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If you do not know how to make it work, then it is likely that you do not buy. The other side of the argument would be those that even find buying their first property too expensive. Similarly, you need to calculate to see what is the point you need to go in without killing yourself.

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If you are young, remember that income is not a straight line going up. Most people fall into the trap of upwards linear income forever. Look at the stats, most people hit the plateau or peak at 45. Then income starts dropping downwards which means that if you married late (35 or 40) and max out their monthly mortgage, at 45, they are going to hit into financial issues. And at 35, you take maximum loan tenure which reachs 60, you can never retire because CPF contribution reduces at 55. Plus CPF allocation rate changes starting from 35.

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Property and condo is just another way of asset accumulation, asset appreciation and passive income or capital gain. Choose wisely.

As a savvy investor, you do not want to pay ABSD. Once there is ABSD involved, it's very hard to make money in current situation.
How not to pay ABSD? simple answer is husband and wife buy 1 each. One own stay one for investment.