The University of Otago's financial results continue to exceed expectations.
The result in the six months to the end of June was an operating surplus of $23.44 million, the university council heard yesterday.
That was $7.1 million higher than budgeted and $11.36 million higher than for the same period last year.
The operating surplus has been above budget every month this year.
The budgeted full-year surplus is just under $22 million.
The main reasons for the result were salary savings because of delays in appointing staff, reduced spending on consumables and delays in carrying out repairs and maintenance, a financial report said.
Capital expenditure during the half-year was $17.3 million, $8.8 million below budget.
However, expenditure was expected to increase when construction of the university's building at the Forsyth Barr Stadium began soon, chief operating officer John Patrick said.
