The sales drop took it to 1bn (US$1.46bn), while net income crept up to 31.6m. Quebecors results follow a cost-cutting drive that has closed 10 plants since October and cut 3,000 jobs. Around 500 went in Europe (PrintWeek, 12 April).

I am pleased the savings and efficiencies planned are reflected in our results, said president and chief executive Charles Cavell.

The company should benefit when market demand and advertising spending returns to normal. Restructuring should be completed after summer.

However, operating incomes across the companys European and North American segments slid dramatically, with Europes 59% drop to 3.6m the sharpest. Most of the losses were taken in France, and Europes revenue fell 7% to 145m.

North Americas operating income dropped 14% to 73.8m on revenues of 824m a 9% fall. But Quebecors Latin American set-ups saw operating income rise 21% to 1.58m. Revenues soared 37% to 32m.

Quebecor World finalised its acquisition of the European printing assets of Hachette Filipacchi Medias in March. These are based in France and Belgium and include binding and logistics.

Quebecor World has been built through acquisition with more than 85 purchases in the last 10 years, said Cavell.

Story by Jez Abbott