Mondelez International reports revenue drops in the third quarter

Organic revenue rose 1.1%, helped by 'power brands' such as Oreo and Trident.

Sales in the region Latin America fell 29.6% on Venezuela deconsolidation (organic growth 2.9%). Sales in Eastern Europe, Middle East and Africa were USD 543 m, down 7.3% (organic - 1.2%). Net income fell to USD 548 m in the third quarter, from USD 7.27 bn, a year earlier. The year-ago quarter had included a USD 6.8 bn pretax gain from the spinoff of the company's coffee operations into a joint venture with Dutch group D.E. Master Blenders.

The company’s selling, general and administrative expenses fell 13.3% to USD 1.6 bn in the third quarter. "Our third quarter results underscore our continued commitment to improve operational efficiency, expand margins and profitably grow volume while also investing in strategic growth initiatives for the longer term," said Irene Rosenfeld, Chairman and CEO of Mondelez International. "In the face of challenging market conditions, we're building a stronger, more treamlined company that is well positioned to deliver sustainable, profitable growth and attractive cash generation."