Inconvinient truth.. Scrum is not for fixed price contracts

Like many of you, I have always believed that scrum works fine anywhere. I had this project of mine where in the contract was fixed price and was aggressively bid too. This meant that there is a wafer thin profitability and not much chances to experiment and allow the team to take control. Scrum is effective framework for product development and for T&M contracts. Unfortunately it also brings to table certain challenges like little bit further rampup time, employee first approach, time where nothing should be planned for including the planning and retrospective timeslots. It required time for team to self organize and fixed price projects are almost always constrainted in time too. When it comes to profitability vs anything else, scrum loses out in fixed price projects.