Spirit Airlines said profit surged 33% in Q4 on cheaper fuel costs, though its average flight fares slid amid heavy competition. The results come about a month after Spirit unexpectedly replaced its CE, Ben Baldanza, after a period of rapid expansion for the upstart carrier, which reshaped the US airline industry but has recently seen its stock price decline. Robert Fornaro, an industry veteran who joined the company’s board in 2014, took over the role. Like many airlines, Spirit’s fourth-quarter profit was lifted by cheaper airline fuel. Overall, Spirit reported a profit of $74.4m, or $1.04 a share, up from $55.9m, or 76 cents a share, a year earlier.<br/>
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Iran Air is preparing to restart flights to Japan following last month’s international deal to end sanctions imposed over Iran’s nuclear program, according to two people familiar with the situation. The carrier will initially restart flights connecting Tokyo’s Narita airport with Tehran, with a stop in Beijing, on a once-a-week basis, said one of the people, who asked not to be identified because a final decision hasn’t been made. The earliest that Iran Air is likely to resume service is next year, the person said. The carrier ended flights to Tokyo in 2012. Iran is aiming to lure business passengers, as well as tourists to visit its World Heritage sites, this person said. Iran and Japan also are discussing allowing direct flights between the countries for multiple airlines, and will come to an agreement on this soon, said another person, who asked not to be identified because the information is not public. Japan Airlines Co. stopped direct flights to Tehran in 1980 following the Iranian Revolution the previous year. Iran placed an outline order in late January for 118 planes from Airbus Group worth almost $27b. Reached by e-mail, Iran Air’s chairman and managing director, Farhad Parvaresh, did not comment on the timing of any potential resumption of flights to Japan but said only, "it all depends on the delivery of our planned aircraft." Iran air currently serves Beijing with Boeing Co. 747s.<br/>
Brazilian airline Gol has suspended operations to Venezuela's capital Caracas until it can settle a dispute over the transfer of money out of the country. The money is being held in Venezuela under the country's strict currency controls, a system that has led other airlines to take write-downs on Venezuelan operations or suspend ticket sales and service to the country. Airlines have US$3.9b of resources trapped in Venezuela, according to IATA. The government requires all tickets to be sold in local currency but makes it difficult for the airlines to convert that local revenue into dollars. The Venezuelan bolivar though has been shrinking, reducing the foreign currency value of the local ticket sales. "Gol temporarily suspended its operations in Caracas, Venezuela until the issue of repatriation of company resources in the country is resolved," a statement said. "Clients affected are being re-booked on other airlines and receiving all necessary assistance."<br/>