SIT surplus of $1 million gives options postsmelter

THE ability to respond to opportunities from Covid19 has meant the Southern Institute of Technology Group achieved a net surplus of $1.064 million in the year ending December 31, 2020, its board chairwoman says.

The institute yesterday released its results which reveal the group had revenue of $61.344 million for the year, expenditure of $60.28 million and net assets of $135.715 million.

Board chairwoman Alison Broad said the result was pleasing in a year full of change and uncertainty and reflected the strong base from which the institute operates.

‘‘Our income and reserve levels remain strong and that means we have options and can move forward with confidence as we explore new opportunities.”

Student numbers also grew slightly from the previous year being 13,300 in 2020 compared with 13,290 in 2019.

“Students are the heart of our business, so having our student numbers increase as well is also pleasing,’’ she said.

‘‘That reflects our ability to respond to opportunities that arose from the pandemic. We’re focusing squarely on some of the skill areas increasingly needed in New Zealand, now and into the future.

There was also a small increase in staff numbers, she said.

‘‘That’s a real achievement, especially when we consider all the challenges we faced.”

The institute was now looking at training needs and opportunities for a postsmelter future in Southland.

‘‘SIT is very strongly placed to face those challenges and we will do this from a strong position in terms of financial resources, our people and our facilities.’’