According to a legislative paper released on Wednesday, the West Kowloon Cultural District Authority’s revenue for the 12-month period ending in March was HK$871 million, an 18 per cent decline from a year earlier.

The report, which is set to be discussed at the Legislative Council next Monday, attributed the income drop to fewer venue bookings by corporate clients, a lower number of sponsorships and weak ticketing.

The West Kowloon Cultural District is the city’s latest arts and culture space, consisting of the modern art museum M+, the Hong Kong Palace Museum and the Chinese opera house, the Xiqu Centre.

The paper also said the managing authority’s operating deficit grew from HK$578 million to HK$769 million, a 33 per cent increase.

“Faced with economic uncertainties, the authority upheld the principle of prudent financial management and strictly controlled its operating expenses,” the paper said.