After summer results, Eximtur expects 20% lower business

Eximtur in Cluj, one of the top three travel agencies on the Romanian market, controlled by the Morariu family, has revised this year's budget by 20%, after shareholders had originally announced they were expecting a 10% turnover rise against 2008. This could bring the company's business to around 32 million euros this year, 8 million euros less than last year. "We noticed a slight market rebound in July and August, but results were lower than in the corresponding period of last year, anyway. We are hoping the market's decline, and implicitly our own turnover decline, to amount to no more than 20%. We don't expect the market to stabilise yet, it will probably happen in late 2010 or early 2011," said Radu Morariu, deputy general manager of the travel agency.