The Moscow-headquartered producer said that its normalised net profit attributable to shareholders fell by 55.9% from 79.8 billion roubles ($1.3 billion) in 2013 to 35.2 billion roubles ($574 million) in 2014.

The explorer said that if the 79% fall in the Russian currency’s value were excluded, its net profit for the year would have risen by 36%.

Revenues rose 20% year-on-year to 357.6