November 7, 2008 / 7:05 PM / 10 years ago

UPDATE 1-Quebecor World widens cont ops losses, revenue sags

* Revenue drops to $993.6 mln from $1.17 bln

* Company says making progress to exiting court protection

(In U.S. dollars)

TORONTO, Nov 7 (Reuters) - Quebecor World IQW.TO, the commercial printer currently restructuring under court protection from creditors, posted a bigger net loss from continuing operations on Friday as revenue slumped.

The company said it lost $63.6 million, or 35 cents a share, in the quarter. That was worse than the loss of $55.3 million, or 45 cents a share, in the same period a year earlier.

The company said it continues to make “sustained progress” towards exiting creditor protection, but did not specify when this may happen.

Revenue fell to $993.6 million from $1.17 billion a year earlier, the company said.

Quebecor World, which filed for court protection in late January, is controlled by Montreal-based publishing and media group Quebecor Inc (QBRb.TO).

Quebecor World has about 23,000 employees around the world and prints products such as magazines, books and advertising materials.

Its shares fell 0.5 Canadian cents to 6.5 Canadian cents on the Toronto Stock Exchange on Friday afternoon.

$1=$1.18 Canadian Reporting by Wojtek Dabrowski; editing by Peter Galloway

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