Irico Display Devices Co Ltd<600707>, the listed subsidiary of Irico Group, one of the largest color TV picture tube manufacturers in the world, on Thursday predicted that it will record a loss of RMB 178 million for the first three quarters of this year, sources reported.

The firm attributed the business loss to the global financial crisis as well as the fast development of the flat panel TV industry.

Although Irico Display Devices saw an increase in sales volume in the third quarter, decreasing product prices led to losses. In the first half of this year, sales volume and price were both lower than in the same period of last year, according to the statement.

Irico Display Devices posted a net profit of RMB 40.21 million for the first three quarters of 2008.

Reportedly, the firm plans to raise up to RMB 3.5 billion through the private placement of 540 million shares on the Shanghai Stock Exchange.