Philips Q1 core profit plunges as supply chain problems continue

FILE PHOTO: Logo of Dutch technology company Philips is seen at company headquarters in Amsterdam, Netherlands, January 29, 2019. REUTERS/Eva Plevier/File

AMSTERDAM (Reuters) - Dutch health technology company Philips on Monday said first-quarter core profit dropped about a third from a year prior to 243 million euros ($261.8 million), hit by an ongoing global shortage of parts and a massive recall of ventilators.

Analysts polled by the company had expected adjusted earnings before interest, taxes and amortisation (EBITA) to fall to 236 million euros on average in January-March, from 362 million euros in the same period a year earlier.