The world’s largest beverage company is back to business.

    PepsiCo, which is worth around $18.5bn, reported a loss of $11.6bn (£6.4bn) for the quarter ended 31 March, bringing its net loss to $14.4b.

    The loss comes on the back of PepsiCo’s debt-fueled debt binge and a recent bankruptcy filing.

    Pebble lost a reported $2.4 billion in the quarter.

    The company is struggling to recoup its billions in debt, with its debt-to-equity ratio now at around 60%.

    Its stock has fallen by nearly half since the beginning of the year.

    Pesco said in a statement that it “continues to make progress on our turnaround strategy”, and said that it had taken “significant” steps to improve the bottom line and to diversify its business model.

    Its stock price has fallen more than 30% since the start of the financial year, and by 10% since June.

    It said it had made significant progress in achieving its “target financial performance”.

    In a separate statement, it said it “remains committed to the long-term financial viability of the business”.

    The stock was last traded at $12.70.

    PepsiCo said it would continue to support its customers and its partners, as it sought to make good on its commitments to invest $20bn in its business.

    The firm said that its sales had increased by 12.5% for the fourth quarter, and its net profit was up 11.5%.

    Its earnings rose by $9.5m on an adjusted basis to $11bn, with a net profit of $8.4m.

    The deal to buy the company’s assets was approved by the US Federal Trade Commission in January, and the deal is subject to regulatory approval.

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