Alliance said in an ASX release in March that VA has requested to reduce the minimum hours under their wetlease agreement, which could see their activity down by 2000 hours per year. No detail on how many hours that would leave them with, but it will impact their second-half earnings. Some of that will be made up by increased FIFO work (social distancing is forcing mines to operate more flights) but will be interesting to see how it pans out. Cobham I imagine are in the same boat, but are a lot more exposed to QF flying than FIFO. At the very least, the sale is off the table for them.
Under the wet lease arrangement, excluding FIFO, they fly to a lot of regional airports. Some of the airports where they have been conducting say 30 to 50 flights per week the numbers have been halved. And some of those flights only have 10 to 15 pax onboard. Alliance will continue to be affected also. Nobody can escape the financial impact of the COVID crisis.