MOSCOW

Russia's Gazprom net profit was down 35 percent in the first nine months of 2014 compared to the same period in 2013, the company announced Thursday.

"The amount of profit for the period attributable to equity holders of OJSC Gazprom for the first nine months of 2014 amounted to 556,254 million rubles, which is 302,519 million rubles, or 35 percent less, than the same period during 2013," the company said in a press release.

Shareholders' gross profits declined by approximately 39 percent compared to 2013 and Gazprom's net debt was up 14 percent. 

The report cited the ruble's recent fall in value as a factor behind this increase. 

"Causes of the increase in value of this index are linked to the growth rate of the U.S. dollar and the euro against the Russian ruble, which was partially offset by an increase in cash resources and their equivalents," the report added.