Net income at the worlds largest commercial print group fell by 40% to 35m, while operating income dropped by a quarter to 74m and revenues slipped by 1.9% to 938m.

European sales rose, though, by 7.4% to 158m, mainly due to currency translation effects. But with the exception of the UK, price pressure and overcapacity took their toll on margins, which fell from 5.3% to 2.8% in Europe.

Quebecor World has cut nearly 1,200 jobs so far this year and it managed to reduce its selling, general and administrative costs by 8.2m in the third quarter.

It also said it would look to permanently lower its cost base and improve efficiencies going forward.