San Francisco, Aug 16: Wipro said on Thursday it is restating financial results for its most recently completed quarter, citing higher losses in its Wipro GE Medical Systems unit. The company 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 147 million rupees" 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.

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

Without that expense, profit would have totaled 2.02 billion rupees, on revenue of 9.3 billion rupees, which was above expectations. Bureau Report