have been recognised by the ABC as one of Australia’s export success stories in a report on yesterday’s Midday Show.
The report highlighted how the health products sector has been doing well despite the high Australian dollar negatively effecting export earnings.
ABC reporter Nicole Chettle spoke to Ego Pharmaceuticals managing director Alan Oppenheim about how the company is an Australian success story”.
During the report, Oppenheim revealed that despite exports rising 14 per cent in the last year, the high Australian dollar does mean it’s a tough time to do business.
I think I'd possibly describe the last three years as perhaps the toughest that have been in my lifetime,” says Oppenheim. The economy is a little bit soft. The foreign exchange has been difficult and that's taken some substantial money out of our margins, out of our bottom line.”
While the dollar’s rise has cost the company a quarter of a million dollars, it is still turning over $86 million a year in profits.
Oppenheim comments, the biggest markets we have are more than $3 million each – these are Singapore and Iran, but we've got a whole bundle of countries; so Asia Pacific, Middle East is huge, and the UK as well.”
