Financial Results Highlights
Second Quarter 2018 Compared with Second Quarter 2017:
Year-to-Date 2018 Compared with Year-to-Date 2017:
TORONTO, May 30, 2018 /CNW/ - For the second quarter ended April 30, 2018, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,246 million or $1.86per share on a reported basis, and net income of $1,463 million or $2.20 per share on an adjusted basis.
"BMO's results this quarter demonstrate strong performance and momentum in our U.S. and Canadian P&C banking and wealth businesses, which drove adjusted earnings per share of $2.20, up 15% from a year ago, and very strong adjusted operating leverage of 3.5%," said Darryl White, Chief Executive Officer, BMO Financial Group.
"Across the company we're positioning BMO for accelerated growth. Our commercial business is a core strength and is delivering results. Our U.S. segment, which contributed 27% to year-to-date adjusted earnings, is a key differentiator and we'll continue to grow it faster than the rest of the bank. We're transforming how we work and how we compete – unlocking efficiency and creating value for our customers.
"I am confident that with our team of dedicated employees, and through ongoing investment in our technology and innovation agenda, we will continue to enhance loyalty, increase efficiency and deliver sustainable shareholder value," concluded Mr. White. READ MORE.
Forty-five years ago this week, Sheikh Zayed opened the Hilton Abu Dhabi, bringing a new luxury - and smoked salmon - to the city
Hilton Abu Dhabi and the Corniche as it looked around 1975. Courtesy Alain Saint Hillaire
On a sunny afternoon in 1973, a group of people gathered on what had been an empty sandbank just a few years before.
They were waiting for Sheikh Zayed, who on May 23 was about to open a building that would change Abu Dhabi for ever.
At around 1.30pm, the late president cut the ribbon on Hilton Abu Dhabi using golden scissors.
On that day forty-five years ago, the late president toured the function halls, swimming pool and tennis courts along with the manager, Ahmed El Nahas.
Afterwards, hundreds attended a lavish state lunch at the hotel’s Liwa ballroom, the police band played while a model of the Maqta Bridge was placed on the centre table.
Built at a cost of Dh38 million, it represented a new era of internationalism for the city.
Abu Dhabi had hotels before. The Beach Hotel had operated on the site of the modern-day Sheraton Corniche, the Al Ain Palace was open, while Al Ain already had its own Hilton.
But this was the first five-star brand in the city, redolent of a glamourous era when top hotels where the place to be seen. Abu Dhabi also desperately needed to cater for the surging number of visitors arriving on the back of the oil boom.
News of the 1973 opening was carried comprehensively in all the newspapers including Al Ittihad, Gulf Mirror and Abu Dhabi News, with Al Ittihad devoting an entire page inside to the opening.
An advert for Hilton Abu Dhabi that appeared in Gulf Mirror, May 1973.
Hilton Abu Dhabi had ten floors, about 180 rooms, five function halls, a bowling alley, arcade games, tennis courts, an outdoor pool with air-conditioned cabins and a view of the Arabian Gulf on one side and Al Bateen beach on the other.
“We drove in cavalcade down a tarmac road through flat desert towards the sea. There was a town there. A new town spreading over the sand. It was Abu Dhabi,” wrote Patricia Holton in her 1991 book, Mother Without a Mask, about the hotel in the 1970s.
“We drove along the seafront to a new Hilton hotel which stood on lonely splendour at one end of narrow road that would eventually become … the Corniche,” she wrote.
“The hotel looked like a fort, standing strong and tall in the desert night. Inside its lobby was cool and broad with a few white couches. The space seemed right for the white-robed Arab men and the long, full skirts of the European, Indian and Mediterranean women who dressed in the evening.”
Hilton Abu Dhabi not only dominated its surroundings, it introduced new foods, higher levels of service and a breakfast buffet of such variety that had never seen been in the city.
New foods included iceberg lettuce, artichokes, smoked salmon, avocado and foie gras. French food dominated the menus and everything had to be flown in from London once a week.
Selim El Zyr was Hilton Abu Dhabi’s first food and beverage manager.
“Smoked salmon – that was a big story,” recalls Mr El Zyr.
“And the vegetables that are today in every supermarket and back streets of Abu Dhabi were then were a novelty,” says Mr El Zyr, who went on to co-found Rotana.
Of course a night at the Hilton did not come cheap. Mr El Zyr recalls a one-night stay cost then cost about Dh450, which is more expensive than a stay today during Ramadan.
The day after the official opening a more informal cocktail party was held. Music was laid on by the Toni Rossi Group, who rocked out in safety helmets and overalls on a stage designed like a scaffold underline the epic effort to get the hotel built. In the middle of the ballroom was a huge model of the new Hilton.
“I must admit to thinking it was a real edible cake, so did a lot of other people,” wrote Janet Godfrey in a lively account of the night for Abu Dhabi News.
“I was not the only one caught poking a sly finger through a 4th floor window to see if it came out coated with jam and cream."
In the years that followed, many new hotels sprung up and trends had begun to swing from business to tourism. By 1994, Hilton Abu Dhabi went through a renovation. The bowling alley became Hemingway’s, the Hiltonia beach club opened, while a new wing added sorely-needed rooms. But it also strove to maintain the spirit and sense of home as those early days. Twelve years ago, Hans Schiller used to walk the Corniche and tell his wife that one day he’d become manager there.
“It’s very seldom that a hotel is 45 years old and still has the spirit. Look at all the modernity around us and people still like to come here,” says Mr Schiller, a German hospitality veteran who has been manager since last August. Many guests come back again and again to celebrate anniversaries and birthdays and for Mr Schiller, it’s like coming home.
Hilton Abu Dhabi's veteran employees, from left, Samir El Kerwash, Naeem Ahmed and Sulaiman Taha. Victor Besa / The National
According to the most recent figures Abu Dhabi has at least 169 hotels and in 2017 welcomed more than five million guests. It now boasts a number of five-star hotels run by Jumeirah, St Regis, Ritz-Carlton and Four Seasons. But they all owe a debt to that May 23 day.
“The impact that it made was tremendous,” recalls Mr El Syr. “For entertainment in the city, it was Hilton. If you wanted to eat a decent meal, you went to Hilton. That was the place to be.”
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To watch Neil Bruce comment on SNC-Lavalin's fourth quarter and year-end 2017 financial results, click here.
To watch Neil Bruce talk about the vision and 2018 priorities for SNC-Lavalin, click here.
SNC-Lavalin Group Inc. (TSX:SNC) today announces its results for the fourth quarter and year ended December 31, 2017.
“We are very pleased with our 2017 performance. Through the acquisition of Atkins, the largest and most transformative in our history, we continued to deliver on our strategic growth objectives while positioning the Company for future opportunities. We divested certain non-core and low growth businesses, further de-risked our business model and applied tighter governance mechanisms to proactively manage our project portfolio,” said Neil Bruce, President and Chief Executive Officer, SNC-Lavalin Group Inc. “The integration of the Atkins business continues to progress well and will be fully completed in 2018. We have a positive outlook on growth and confidence in delivering on our 2020 vision. Our backlog is supported by a healthy pipeline of prospects across our sectors and geographies, as well as revenue synergies from our business development efforts in our enlarged group. Our recent selection as a preferred proponent for the Montreal light rapid transit system underscores the quality of our organic prospects and bolsters our reputation as the leader in infrastructure in Canada.”
Bristol wins Innovative Exporter of the Year Award, in Manufacturing, awarded by Dubai Trade on 19 February 2018.
"We would to congratulate Bristol for their prestigious achievement in winning the Innovative Exporter Award. This award is a testament to their continuous hard work and perseverance over the years. Congratulations to us all and to many more years of success! "
Source: Concorde Corodex Group's Facebook page
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