Lucio Tan now owns SM Investments, the holding firm that controls the SM empire.

No, I am not kidding. From ABS-CBN News:

SM Investments H1 net income up 16% yr/yr

SM Investments Corp., a holding firm controlled by the group of tycoon Lucio Tan, said Friday its first-half net income grew 16 percent from a year earlier due to strong merchandise sales at groceries and department stores owned by the conglomerate.

In a statement, SM Investments said it had a first-half profit of P5.9 billion.

Excluding extraordinary items, recurring income increased by 21 percent to P3.6 billion amid expansion of stores, malls, banks, and property.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 61 percent to P13 billion, resulting in an EBITDA margin of 24 percent.

Consolidated revenues, on the other hand, grew substantially by 96 percent to P55.3 billion in January to June, boosted mainly by the company’s acquisition in June last year of 28 SM Supermarkets and nine SM Hypermarkets.

Merchandise sales, which represent 78.6 percent of consolidated revenues, stood at P43.4 billion, for an increase of 124 percent.

Rental income, which accounts for 9.8 percent of revenues, grew 11 percent to P5.4 billion.