Australia-based printing and distribution company PMP has again downgraded annual profit expectations and plans even deeper cost cuts.

The South Island earthquake has destroyed New World in Kaiapoi beyond repair, leaving more than 80 employees jobless.

The supermarket was run by locals Andrew and Jacqui Palmer and employed 34 fulltime and 52 part time staff.

The damage caused by Saturday's earthquake is so severe it is not viable to save the building. It will take at least one year to build and open a new one, which Foodstuffs - New World's parent company - plans to do.