Chinese sapphire manufacturer Roshow Technology reported plummeting net profits in 2014, according to a company announcement on Jan. 29, 2015.

The company has projected a net loss of RMB 32 million to RMB 38 million, tumbling 183.97% to 199.71% Year-on-Year.

The company attributed the sharp revenue decline to the general economic situation, upticks in manufacturing costs, and longer periods for accounts receivable. The company has been trying to transform its business model, but its sales have since dropped. Furthermore, company investments have been ineffective, leading to rising costs.

The company has completed constructions for its joint venture with Biel Roshow Sapphire company. Roshow Technology has finished installing 200 sapphire growth furnaces at the end of 2014, and is currently testing the new equipment, while pilot manufacturing projects have been operating at the new site since January 2015.