The University of Otago had an operating surplus of $13.1 million for the first half of the year, $1.43 million more than budgeted.
The university's financial review for the year to the end of July, which was tabled at a university council meeting yesterday, showed its operating surplus was ahead of budget, but $5.34 million less than at the corresponding time last year.
Expenditure for the year stood at $287.55 million, $1.53 million less than budget, and income at $300.65 million, $96,000 less than budget.
University of Otago financial services director Grant McKenzie said continued cost savings and the timing of sundry income had "more than" offset the cost of repairing the quake-damaged Christchurch campus.
Capital expenditure continued to be behind schedule because of delays in building projects and expected savings made in projects nearing completion.
Capital works expenditure was $20.46 million, 26% below the budget of $27.65 million.