That's exactly what I did, and that's my problem...
EventFontColor seems to override profile colors.
Here is my "Event" settings:
[Event]
EventEnable=1
EventBitmapName=
EventlistBitmapName=
EventAlign=18
EventNumOfComponents=
EventSeparation=0
EventRasterizer=FONT
EventFont=12/0/0/0/700/0/0/0/0/3/2/1/34/Calibri
EventFontColor=0000ff
EventInCalendar=0
EventFont2=11/0/0/0/700/0/0/0/0/3/2/1/34/Calibri
EventFontColor2=0000ff
EventIconEnable=1
And here is my "Profile 1" settings:
[Profile 1]
Name=Business
EventFontColor=ff0000
According to this normal events should be blue and Business events should be red. Instead, they're all blue

(Of course I chose for my event in the calendar the "Business" category so I have a right idea of what happens)