The company owns the online booking portal Bavul.com in Turkey, a tourist market that has been widely affected by political and security problems in the past 12 months.
Paravion officials expect the agency won’t be affected by the restructuring process and tourists will still be able to book flights, accommodation and vacations on Paravion.ro. The company had a turnover of RON8.15 million and a loss of RON1.5 million in 2016.
Paravion took over Bavul.com in 2015 from Turkcell. The platform had over 300,000 users at the time.
“Following the acquisition, in 2016, Bavul had a turnover of EUR23 million, but the social and political environment in Turkey and the depreciation of the Turkish lira had a dramatic impact on our investment and business,” Paravion said in a statement.
The Turkish currency lost more than 30% in the last quarter of 2016, which led to a decline in Paravion’s international flight sales and cut deep into its profit margin in 2017.