TUI Group is stepping up investments in countries like Bulgaria and Cape Verde to compensate for a slump in demand for travel to Turkey, the world’s largest tour operator announced on Tuesday.

TUI Group data show that bookings to Turkey for Summer 2016 have decreased by 40% due to security concerns caused by the recent terrorist attacks in the country and its proximity to war-torn Syria.

The decrease has caused financial losses for TUI. By comparison, during the same period last year, more than 14% of the company’s clients chose Turkey as their holiday destination.

Along with Turkey, Egypt, Tunisia and Paris have also became less popular among TUI Group’s clients due to the recent terrorist attacks carried out at those tourist destinations.

London-based TUI Group kept a forecast for a rise in underlying earnings by up to 10% on a constant currency basis, confirming that customers were instead choosing to go on a vacation in Spain and the Canary Islands.

Bulgaria has been chosen as one of the countries in which the company will increase its activities since price levels in the country are comparable to those in Tunisia, TUI CEO Friedrich Joussen has announced.

According to Joussen, the interest in Turkey as a tourist destination will be restored but the company’s forecasts for 2016 suggest a 50% decrease in the number of people who will visit Turkey using TUI Group’s services.

The company reported on Tuesday a lower first-quarter underlying loss before interest, tax and amortisation (EBITA) of  EUR 101.7 million, in addition to a EUR 42 million loss from its investment in the German shipping company Hapag-Lloyd.