Bangalore: Software major Wipro Limited on August 16 announced it has lowered its net profit from continuing operations for the quarter ended June 30, 2002, by Rs 18.6 crore, following revised information received from a minor affiliate.

The Bangalore-headquartered company said after it announced Q1 earnings on July 19, it has subsequently received information about its minority affiliate, Wipro GE Medical Systems Ltd, whereby its losses were higher than the results previously reported.

"Of this, Wipro's 49 per cent share of incremental loss is Rs 18.6 crore, resulting in profit after tax being lower by the same amount than was announced in our earnings press release on July 19, 2002," Wipro said in a statement.

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

On July 19, New York Stock Exchange-listed Wipro said that revenues from continuing operations for the quarter ended June 30, 2002 were Rs 930 crore, up 19 per cent compared to the same period last year. Profit after tax was Rs 200 crore.

Profit after tax for the quarter excluded an extraordinary loss (net of tax) of Rs 38.9 crore related to the discontinuation of its ISP access business unit. The extraordinary loss comprised a loss from operations (net of tax) of Rs 8.4 crore and a loss on write-off of assets of Rs 30.5 crore, the statement said.

Wipro on said it has filed its quarterly financial statements for the quarter ended June 30, on "Form 6-K" with the United States Securities and Exchange Commission.

PTI