June 10, 2008 / 5:21 PM / 10 years ago

UPDATE 1-Quebecor profit rises as revenue up 17 percent

TORONTO, June 10 (Reuters) - Publishing and media group Quebecor Inc (QBRa.TO) said on Tuesday that first-quarter profit from continuing operations rose on the heels of a 17 percent increase in revenue and an unrealized gain on investments.

The company said net income from continuing operations was C$44.8 million ($43.9 million), or 70 Canadian cents a share, up from C$3.2 million, or 5 Canadian cents a year earlier, when it booked an unrealized loss on investments.

Excluding unusual items, income from continuing operations was C$28.8 million in the first quarter, up from C$15.8 million in the same 2007 period, the company said.

Its Quebecor World IQW.TO unit, which prints magazines, books and advertising materials, is classified as discontinued operations because it filed for court protection from creditors im January.

When Quebecor World’s results are included, Quebecor Inc said it earned C$428.1 million or C$6.66 a share in the three months ended March 31, due to a large gain related to the reclassification of certain Quebecor World items.

The company’s 55 percent owned Quebecor Media unit, which includes cable-TV operator Videotron and the Sun Media and Osprey Media newspaper chains, reported a 43 percent profit increase in the first quarter, as revenue rose 17 percent. Quebecor Media announced results on May 6.

Quebecor Inc repeated that Quebecor World’s insolvency procedures will have “no material impact” on Quebecor Media’s operations. ($1=$1.02 Canadian) (Reporting by Lynne Olver; editing by Rob Wilson)

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