African Barrick Gold Plc said its profit rose to a record in the third quarter boosted by higher production and all-time high gold prices.

Net profit jumped to $102 million, beating the $99 million consensus supplied by the company, from $40 million in the year-earlier quarter as revenue surged 61 percent.

It produced 182,401 ounces of gold in the quarter and said it expects to meet its 700,000 to 760,000 ounce target for the year.

However, the Tanzania-focused miner increased its cash cost guidance to $675-700 an ounce for the year, up from earlier estimates of $590-650 an ounce.

The average price received for its gold reached a record $1,774 an ounce, up 44 percent year-on-year.