meaning of "pit"

[IROSHA]

please help me to find the meaning of Pit . The story behind is this,
I have been collecting funds for my superior(for his school) from outside contractors. I had telephone conversation with one donr and middle of the telecon I said "I don't have any profit on this Mr.........) then he said no miss it's called pit. I didn't understand what he said, he wanted me to refer the dictionary to find out the meaning of pit. Oxford has several meaning. but I couldn't find what he meant. My inner heart is saying the meaning should be something slang. I would like to make a complain on this. Please help me.

[RonBee]

I don't know what you have to complain about. It seems to me that you are having trouble understanding what the gentleman is saying. Surely he is not confusing the word profit with the word pit?

~R