Aug. 17 (Bloomberg) -- Newcrest Mining Ltd., Australia’s largest gold mining company, said annual profit surged 84 percent to a record after sales gained on higher prices. Net income rose to A$248.1 million ($206 million), or 52.9 cents a share, in the 12 months ended June 30, from A$134.3 million, or 30.7 cents, a year earlier, the Melbourne-based company said today. The result compares with an A$291.3 million average of eight analyst estimates compiled by Bloomberg. Chief Executive Officer Ian Smith boosted sales 7.1 percent to A$2.53 billion from its gold mines in Australia and Indonesia. Newcrest is seeking to increase output 40 percent over five years to 2013 and is progressing with projects in Papua New Guinea and Fiji. “Continued strong operating cash flow was driven by higher realized gold prices,” the company said in the statement. Newcrest rose 0.1 percent to A$29.19 as of 10:18 a.m. Sydney time on the Australian stock exchange. The company declared an unfranked final dividend of 15 cents per share. Second-half net income fell to A$105.7 million from A$142.4 million a year earlier, the company confirmed. Underlying profit in the half fell 16 percent to A$241.5 million, Newcrest said. The company today forecast as much as a 17 percent increase in annual gold production to between 1.81 million ounces and 1.91 million ounces.

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