03:52 PM EST - Quebecor Inc. : reported Tuesday that it had net income of $428.1 million in the first quarter of 2008, with nearly 90 per cent of that attributed to accounting changes related to its insolvent former printing subsidiary Quebecor World. Despite valuing its investment in Quebecor World at zero and classifying the subsidiary as discontinued operations, the printing subsidiary generated $383.3 million of earnings, or $5.96 per share. That's up from a $17.8 million loss, or 28 cents, a year ago. Quebecor Inc.
shares T.QBR.B are trading off 43 cents at $31.10.
