Petya attack caused $140m hit on Cadbury parent Mondelēz's Q2 revenues
- 03 August, 2017 03:12
Confectionary firm Mondelēz International has revealed the June NotPetya malware attack cost it an estimated $140m in lost revenue due delayed shipments and invoicing.
Mondelēz International was one of a handful of global firms struck by the destructive Petya malware on June 27.
The company, which recently sold Vegemite to Bega Cheese in Australia, and owns the Cadbury and Oreo brands, revealed the financial impact of the malware incident today in its second quarter earnings report.
Delayed shipments shaved 2.4 percent off the Mondelēz’s quarterly net revenues of $5.9bn, amounting to $140 million. It also reported $7.1m in additional expenses due to the incident.
The company does not believe the attack resulted in the leak of personal data.
“Based on the nature of the malware and its impact to the company's technology, the company did not expect nor to date has it found any instances of company or personal data released externally,” it said.
Mondelēz said it has "largely contained the disruption and restored a majority of its affected systems" but will continue restoring systems and boosting security throughout the second half of 2017.
During a call with analysts, executives said said the US operations were hit hardest by the malware due to lower trade stock levels in the direct-store-delivery (DSD) network.
The company expects to ship most malware-delayed orders during the third quarter and claw back some revenue, but admitted it had lost some revenue permanently due to shorter supply chains, mis-timed promotions and lost consumption.
Last week pharmaceutical giant Merck revealed that some of its manufacturing operations were still not at full capacity due to the cyber attack.