US drinks and snacks giant PepsiCo has reported a sharp fall in its second-quarter profits, with its fortunes hit by the stronger US dollar and restructuring charges.

Net income at PepsiCo fell 21 % year-on-year to $1.49bn (£957m), whilst net revenues declined by 2% to $16.4bn (£10.5bn).

However, the results were still better than market expectations and the company said it was “on track” to hit its full-year targets.

“Our disciplined approach to pricing and continued focus on brand investment drove 5% organic net revenue growth and allowed us to substantially offset approximately $350m in commodity cost inflation,” said PepsiCo chairman and chief executive Indra Nooyi.