Mondelez International’s power brands, such as Cadbury Dairy Milk, Oreo and Ritz, have helped the multinational increase organic sales 1.1% in the third quarter.

The group said in an earnings update to the NASDAQ that continued improvement in overall volume trends and higher prices to recover currency-driven input costs in inflationary markets across the world, such as Latin America, had also helped drive growth.

Currency volatility continued to be a problem, contributing to reported revenues falling 6.6% in the quarter to $6.4bn. However, deconsolidation in Venezuela was the main cause of the drop in the top line. Mondelez no longer records the sales it makes in the country after writing off the business in Venezuela in February because of the chaotic economic climate.

The latest results come after Mondelez abandoned its takeover aspirations of rival confectionery giant Hershey in August after the chocolatier turned down the latest bid in a month-long pursuit. Mondelez was successful in the same month in uniting the confectionery and biscuit arms of Cadbury after acquiring the rights for the licence to make Fingers and Animals from Burton’s Biscuit Company.

Net earnings for the period were down 93% to $548m compared with a year ago when Mondelez was boosted by a $6.8bn gain from the spinoff of its coffee business into a joint venture with Dutch group to create Jacobs Douwe Egberts.

“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,” CEO Irene Rosenfeld said.

“In the face of challenging market conditions, we’re building a stronger, more streamlined company that is well positioned to deliver sustainable, profitable growth and attractive cash generation.”

Adjusted per-share earnings beat analyst expectations in the US for the quarter, climbing from 38 cents a share to 52 cents.

The group is in the middle of a $3bn cost cutting programme to improve margins and boost the bottom line.

Its selling, general and administrative expenses fell 13.3% in the quarter to $1.6bn for the three months to 30 September.

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