AMSTERDAM (Reuters), – Dutch tech company Philips has reported that the first quarter core profit decreased by a third compared with a previous year. It was down to 243 millions euros ($261.8million) due to a continuing global shortage and a huge recall of ventilators.

The company polled analysts and predicted that the adjusted earnings before taxes, interest and amortization (EBITA), will fall to 236m euros on average over January-March from 362m euros the year prior.

($1 = 0.9281 euros)