Is it possible for me to even make profit at that rate of electricity?
Since the calculator uses USD first convert your electric cost to USD.
Converting 0.1619 EUR to USD gives $0.21 kWh rate. Ouch!
Typical power consumption for that card (5770): about 100 Watts or more.
So if you are running that 24x7, just the card itself (not including power consumption from the rest of the PC) is consuming:
100 Watts X 24 hours = 2.4 kWh / day
Cost per day: 2.4 kWh X $0.21 USD = $0.504 USD per day.
If your computer is already running 24x7 then mining is costing you an additional $15 USD per month ($0.504 X 30 days) for electricity.
Bitcoins generated, at current difficulty: 0.13 BTC or $0.67 per day. At the current difficulty, mining is bringing in about $20 USD in revenue.
So mining is giving you a profit of $5 USD per month.
If you include the cost of electricity consumed by the computer as well, that rig is losing money every day (at the current difficulty and BTC/USD exchange rate levels) due to your electric rates being so high.
What hardware should i invest in if its profitable?
The mining hardware comparison will show other GPUs that are more efficient, but that isn't your problem. The cost of electricity for you is too high for you to mine using GPUs and earn anything that would resemble profit (especially once you include the cost of capital). FGPAs will help as they are about 10X more efficient than GPUs, but then again you are competing against those who are paying electricity rates half or less than you are paying.