May 8, 2008 / 9:05 PM / 10 years ago

UPDATE 1-Troubled printing unit drags Quebecor to big loss

(Adds details, stock price)

TORONTO, May 8 (Reuters) - Publishing and media group Quebecor Inc (QBRa.TO)(QBRb.TO) reported its delayed fourth-quarter results on Thursday, posting a huge loss because of the woes at its Quebecor World Inc IQW.TO commercial printing unit.

Quebecor said it lost C$962.6 million ($943.7 million), or C$14.99 per share, in the three months ended Dec. 31. That compared with a loss of C$80.8 million, or C$1.26 a share, in the same period a year earlier.

It booked C$1.88 billion for impairment of goodwill and intangible assets during the quarter.

Quebecor said its quarterly revenue fell to C$2.43 billion from C$2.67 billion a year earlier.

While the company’s Quebecor Media unit — which includes cable-TV operator Videotron and the Sun Media newspaper chain — posted a 14.3 percent revenue increase, revenues dropped 19.3 percent at Quebecor World.

Quebecor World, which has about 28,000 employees and prints magazines, books and advertising materials, filed for protection from creditors in late January.

Quebecor World shares are now nearly worthless while the company restructures under court protection. The stock closed at 24 Canadian cents, down 2.5 Canadian cents, on the Toronto Stock Exchange. About a year ago, it was trading at C$15.50.

Quebecor Inc released its results after markets closed. Its class B shares closed 17 Canadian cents higher at C$30.67. ($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Rob Wilson)

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