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Lukoil CEO Vagit Alekperov (Image courtesy of Lukoil)

Lukoil said on Thursday that its first-quarter net profit fell by 33 percent despite rising oil production.

The fall in profits is due to a write-offs and ruble depreciation, according to the company.

First-quarter profits for the company were $1.73 billion, down from $2.59 billion in the corresponding period of 2013.

Lukoil said profits were hit by a $358 million loss on the dumping of a 50% stake in Caspian Investment Resources to Sinopec.

The company reported a $270 million loss from “currency transactions” as the ruble lost nearly 10 percent of its value due to the Ukraine conflict.