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Quebecor World Q3 Profits Drop

MONTREAL—Quebecor World's third quarter profits fell to $60 million, from $99 million in the second quarter. The drop was a result of weak advertising spending and overcapacity in the industry, the company said. Operating income was $125 million in the third quarter compared with $168 million in the second quarter. Revenues slipped to $1.59 billion from $1.62 billion. CEO Jean Neveu warned of further consolidation in North America, where printing volumes were up, but revenues down due to price pressures.