Lotus Tower sees revenue increase under new management

Chairman Shirantha Peries

CEO Dr. Chamaru de Alwis

The Colombo Lotus Tower Management Company (CLTMC) said that it has increased revenue by 31% since it took over administration.  

This was disclosed by the CLTMC Chairman Shirantha Peries and Chief Executive Officer (CEO) Dr. Chamaru de Alwis, at a press briefing on Tuesday evening. 

“Since we took over the administration exactly a year ago, the CLTMC has demonstrated remarkable financial progress under the new management,” CLTMC Chairman Shirantha Peries, addressing a press briefing on Tuesday which was attended by CEO Dr. Chamaru de Alwis.

“For the period ending August 2025, revenue reached Rs. 1.43 billion, a 31% increase compared to the same period in 2024. The gross profit grew by 77% to Rs. 786.86 million, with margins improving from 42% to 55%. Our Profit Before Tax (PBT) surged by 192% to Rs. 539.93 million, with margins rising from 18% to 38%. This strong performance reflects disciplined management, prudent decision-making, and effective cost controls,” Peries said, highlighting the possibility of further enhancing on efficiency and services provided to visitors of the country’s and South Asia’s tallest self-supported structure.

Since October 2024, the Colombo Lotus Tower has been under new management, led by the Chairman Peries, CEO Dr. de Alwis and the Board of Directors. CLTMC boasts a team of more than 120. 

The new management has focused on enhancing safety, operational efficiency, visitor experience, and financial performance, while positioning the Tower as a premier cultural, entertainment, and adventure destination in South Asia. 

CLTMC remains committed to upholding international standards of safety, operational efficiency, financial transparency, and innovation, and with strategic initiatives underway, the Company is focused on establishing Colombo Lotus Tower as South Asia’s foremost hub for Education, Technology, and Entertainment. 

“Our priorities have been to strengthen operational efficiency, unlock promotional opportunities and deliver greater value to the public. Despite challenges we faced, we have recorded a significant growth in both revenue, which is the number for launching new initiatives that position the local company. I extend my sincere thanks and appreciation to the Board of Directors, our highly educated staff, valued partners and stakeholders for their continued trust and support as we take the tower to even greater heights,” Peries added.

Following the tragic incident of 7 October 2024 under the previous management, in which a young student lost her life, the new management acted swiftly to strengthen safeguards further and maintain international safety standards. A steel mesh barrier was installed around the Observation Deck, security personnel were increased, and CCTV surveillance was enhanced across key areas. These measures, along with revised protocols and heightened monitoring, reaffirm CLTMC’s commitment to ensuring that visitor safety, security, and well-being remain at the heart of its operations. 

Peries said, “A partnership with the National Research Office around the Lotus Tower has initiated a series of forward-thinking digital projects. First, the digital ticketing platform, from a print to a digital ticketing platform replaced the manual system with a fully digital ticketing platform. Enhanced financial transparency, incident tracking and quality has provided a convenient and seamless entry experience for all guests who visit the tower. A smart digital tower parking solution is under development and all of us hope it will be in operation in the next two months. This includes real-time space monitoring, optimisation of revenue collection and streamlined cash management. We, as the new management, have done justice to the valuable funds of all Sri Lankans, while enhancing the present government’s commitment towards an accountable administration.” 

During the past 12 months the CLTMC has upheld its contractual rights in the Court of Appeal against non-compliant tenants, a legal outcome that reinforces the Tower’s standing as a well-managed national asset and safeguards its long-term commercial interests. 

As part of its ongoing strategy to maximise the Lotus Tower’s commercial potential, CLTMC has been actively identifying and leasing additional prime commercial spaces. These initiatives contribute to sustainable revenue growth, enhance the vibrancy of services offered, and strengthen the Tower’s role as a dynamic hub for business, leisure, and cultural activities. 

CLTMC CEO Dr. de Alwis noted, “As the Chairman duly highlighted, every single inch or square foot of the property matters, as potential investments that could enhance the market value of Lotus Tower as a popular destination among local and foreign visitors, as well as investors. We highly admire the commitment of our staff members, who have been genuine the strength behind the success of Lotus Tower during the 12 months under the new management.” 

Looking ahead, the CLTMC has laid the groundwork for projects that will shape the Tower’s future and reinforce its position as a premier destination in South Asia. Among these is the proposed Lotus Aquarium Café, a joint venture that will combine a state-of-the-art Aquarium Gallery with a themed Café backed by a proposed Rs. 100 million investment.

In addition, CLTMC has signed an agreement to introduce Sri Lanka’s first-ever bungee jumping attraction, which will also be the world’s highest tower bungee jump. Currently in the engineering and planning stages, this initiative is set to launch next year. 

The 28th-floor luxury suites boast breathtaking panoramic views of Colombo’s skyline, Beira Lake, and the lush surrounding landscapes, these suites will be repositioned as exclusive accommodation for high-end guests seeking privacy, elegance, and unmatched scenery. 

CLTMC plans to operate them as signature luxury stay experiences, offering elevated comfort, personalised service, and world-class hospitality standards, complete with premium amenities and curated guest services, making them a standout choice for discerning travellers, dignitaries, and VIP visitors alike. 

Furthermore, a warehouse project of 42,000 square feet also presents significant opportunities for new investment. CLTMC is in active discussions with multinational investors to develop these spaces into profitable ventures, potentially attracting foreign direct investment (FDI) to Sri Lanka. By converting underutilised areas into active commercial assets, CLTMC demonstrates its commitment to maximising the Tower’s value for the nation, fostering international partnerships, and welcoming new investment opportunities.