Yes and they make 13 euros from each passenger - it really is amazing that you can build a major business on that . But as the articles point out they have better management than any one else - not firing people, ordering one type, in bulk and owning most of their own aircraft and not being distracted by hotels, car hire, long haul etc etc.
I don't like O'Leary but he's really got it figured out - how many other people would keep the old name and not rename it after themselves for example?