URANIUM miner Energy Resources of Australia has posted a bumper 75 per cent increase in profit for 2007 to $76.1 million.

The good news for the company, which operates the Ranger mine near Jabiru, about 220km east of Darwin, comes after rain flooded its pit, reducing production last wet season.

ERA produces about 10 per cent of the world's uranium.

It had been locked into low-priced contracts, but last year was able to lift the average contract price from $US18.36 a pound in 2006 to $US25.06 a pound.

The price still lags spot prices of $US89.50 per pound.