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Wipro restates just-completed quarterly results

Wipro Ltd, India's third-largest software exporter, said on Thursday it is restating financial results for its most recently completed quarter, citing higher losses in its Wipro GE Medical Systems Ltd unit.

The company, which is listed in the United States and has an army of nearly 10,000 software engineers, said in a statement that the losses in the unit were higher than previously reported. "Of this, Wipro's 49 per cent share of the incremental loss is Rs 14.7 crore (Rs 147 million)" under US accounting rules, the company said.

That results in "net income being lower by the same amount than was announced" on July 19. Wipro said the unit is India's largest medical systems sales and service provider.

On July 19, Bangalore-based Wipro posted a Rs 163 crore (Rs 1.63 billion) net profit for April-June after a charge of Rs 38.9 crore (Rs 389 million) for a discontinued Internet service provider business.

Without that expense, profit would have totaled Rs 202 crore (2.02 billion), on revenue of Rs 930 crore (Rs 9.3 billion), which was above expectations.

Wipro GE Medical Systems Limited is a joint venture controlled by GE Medical Systems. Wipro holds 49 per cent equity interest in it and GE Medical Systems, a division of General Electric Company, holds 51 per cent interest.

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