India's Wipro says annual profits slip 8.5 percent

BANGALORE, India (AFP) Apr 17, 2003
India's third largest software exporter Wipro said Thursday net profit in the year to March fell 8.5 percent following losses in its medical systems affilitate.

The company posted a net profit of 8.2 billion rupees (170 million dollars) while revenue rose 24 percent to 43.3 billion rupees.

The statement blamed the profit decline on losses of 371 million rupees incurred by affiliate Wipro GE Medical Systems, Wipro said in a statement.

Suresh Senapaty, Wipro's corporate executive vice president, said the company was working with GE Medical Systems "to bring that business back to its track record of consistent profitability."

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