The Jersey Opera House is back in the black with its most successful year since its refurbishment five years ago.
But the director has warned it is still proving difficult to attract the necessary sponsorship.
Ian Stephens said he has only made the books balance by cutting back on performances, which is not what investors want to see.
The States has contributed £400,000 a year since the £7.2m modernisation, but Mr Stephens said it is not enough.
After the Opera House reopened a deficit had accumulated despite promising bar and ticket sales.
Mr Stephens said although the decision to put on fewer shows and reduce running costs has brought the theatre back into the black, local businesses are not as willing as they were to come forward with sponsorship.