The ethics of private property aren't based on profit, they're based on the self-evident fact that one owns his own will and is responsible for his own actions, and consequently the fruits of his labor.
This is assuming that everyone is born into an equal setting, with an equal upbringing & that property & resources are dolled by a completely unbiased party. Something that is essentially impossible.
Individual sovereignty, the fact that you are responsible for your own actions, does not require an equal anything outside of being a human being that acts.
This is like saying an algorithm just needs the ability to compute & the computer it runs on or data set it's given plays no part regarding it's performance.
