PepsiCo on Wednesday reported its fourth quarter and full-year results for 2016, with Q4 revenue rising 5% to $19.5bn, while full year sales came in flat.

The soft drinks giant said that the positive results in the fourth quarter and full year were helped by productivity gains and the impact of efficiency initiatives and lower raw material costs.

The company’s North American Beverages unit saw sales rise by 8% in the fourth quarter to $6.3bn, from $5.8bn, while full year revenue climbed 3% to $21.3bn. Similarly, the Frito-Lay North American division grew 10% in the fourth quarter to $4.9bn and 5% for the full-year to $15.5bn.

While the North American business units helped lift sales for the soft drinks maker, it was the reverse in Latin American where the company experienced 17% revenue decline, weighed down by operating cost inflation, the impact of the Venezuela deconsolidation, higher raw material costs, adverse foreign exchange translation and higher marketing expenses.

In its Europe Sub-Saharan Africa and Asia, Middle East & North Africa regions, PepsiCo reported further declines in revenue of 3% and 1% respectively.

Net income in the fourth quarter fell 18%, while full-year profit climbed 16% to $6.3bn, from $5.5bn in the preceding year.

Looking forward to 2017, the company is predicting 3% fall in revenue due to negative foreign exchange translation and a -1% revenue growth due to the 53rd week in 2016 which was accounted for in the current results.