Uranium miner Energy Resources of Australia Ltd. raised its profit 74 percent last year to 76.09 million Australian dollars (US$68.16 million; €45.84 million) as higher prices made up for lower production, it said Friday.

Revenue in 2007 rose 14 percent compared to the previous year to A$362.4 million (US$324.6 million; €218.8 million), ERA said in a statement. The increase came despite an 8 percent fall in output for the year to 5,324 metric tons (5,869 U.S. tons) of uranium, it said.

The Rio Tinto Ltd. subsidiary, which operates the Ranger mine in the Northern Territory, said 2008 sales are expected to be at similar levels to those of 2007. It said the outlook for uranium is positive and it is looking to expand production.

The miner also said it is in discussions with insurers to recover costs associated with heavy rains in February and March 2007 that flooded its Ranger mine and reduced output.

The miner posted a final annual dividend of 20 Australian cents (18 U.S. cents; 12 euro cents) a share, up from 11 Australian cents the previous year.

ERA's shares rose 5.2 percent Friday on the Australian Securities Exchange to A$19.80. They rose as much as 8.9 percent during the session.