The former print giant, once the largest print company in the world, boasting a turnover of well over $10bn (£6bn), reported second-quarter revenues of $702.5m and a net loss of $59.5m.

Much of the loss was associated with restructuring charges as the group adjusts to becoming a smaller standalone entity.

Jaques Mallette, president and chief executive of World Color Press, said: "During the quarter and year to date, we continued to further reduce our cost base and improve efficiencies.

"These efforts together with our solid customer base and stronger balance sheet will benefit us going forward."

The cost reduction initiatives are expected to realise in excess of $100m in annual cost savings, the group said.

The company collapsed in January last year leaving more than $3bn of debts. Its creditors have been repaid with a $100m cash payment and shares in the new company.

World Color Press was the name of the company that was merged with Quebecor Printing to form Quebecor World in 1999.

The merger never realised its potential and the company took on increasing levels of debt as its market capitalisation fell.