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vita supposedly was nearly profitable at launch.
Many confuse being profitable with the entirety of the console being profitable. Two conflicting stories from sony elucidate the situation.
The vita with attach rate, is making money.
The vita itself is predicted to be entirely profitable within 3 years.

http://www.escapistmagazine.com/news/view/111004-Sony-Sends-Mixed-Messages-on-PS-Vitas-Profitability

Loss on hardware on its own, profitable day one if we think about the entire business.

Tl;dr
Sony is not going to nix the vita, especially when euro and dollar forex are growing tremendously.
If we ignore this however, if sony were to drop the vita, it would end them. It would destroy consumer trust and pull them entirely out of the handheld market.
So yeah, again, not going to happen.