No, from a materials and labor standpoint, they were losing money on the original machine. This has been confirmed by several independant sources that estimate such things.

TBH, I expect that if they are making money on consoles now, it's not much. The EE+GS removal can't save more than $100, since the PlayStation 2 only costs about that much; there could be glue components involved that inflated that price, but I don't remember reading about any when I looked at a teardown. You can get a nice card reader for about $30. The USB connectors cost less than $10. So for them to be making money on consoles, Cell and blue laser cost reduction and volume increases would need to reduce the cost by almost $200.