Is my profit calculation for Genesis mining correct? The Diamond plan for Litecoin mining promises 200 MH/s for $2400 for 2 years. From the profilatbility calculator, it comes out as $555 per month profit without electricity charges(which wont be there for cloud mining). So it would come out as $13320 for 24 months which is the contract lifetime.
So the profit would be $10920 which seems too good to be true.

I have also heard numerous reports that you dont actually make much profit with Genesis mining. What am I missing here?
I know my calculation is wrong. Can anyone help me understand what else needs to be taken into account here?
One factor I know you are currently missing is mining difficulty. It will become more and more difficult to mine litecoin. So profits will drop as there will be less litecoin mined for the mh/s you're leasing.

I'd recommend you watch some videos about it on youtube. 

https://www.youtube.com/watch?v=0phyRzSisyE