Weird truncation issue with profile-defined ini settings

[apinstein]

Works:
profile.ini:
path.project.appDir = ""

config.ini:
path.phocoa = ##path.project.appDir##/externals/phocoa/phocoa

Fails:
profile.ini:
path.project.appDir = ""
path.phocoa = ##path.project.appDir##/externals/phocoa/phocoa

path.phocoa ends up as only expanded ##path.project.appDir## and skips the rest of the string.