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EMPRESAS ICA ANNOUNCES SECOND QUARTER RESULTS; RESTATES SIX MONTH EPS

 EMPRESAS ICA ANNOUNCES SECOND QUARTER RESULTS; RESTATES SIX MONTH EPS
 MEXICO CITY, Aug. 7 /PRNewswire/ -- Empresas ICA (NYSE: ICA), Mexico's largest construction company, today announced results for the second quarter of 1992. The company previously issued its first half results on July 27, 1992. All numbers have been restated in constant pesos as of June 30, 1992.
 Net sales for the quarter ended June 30, 1992 rose to 1,769,062 million pesos from 1,412,157 million pesos during the second quarter of 1991. Operating income for the quarter increased to 136,852 million pesos from 117,540 million pesos in the second quarter of 1991. Net income of majority interest for the second quarter of 1992 climbed to 165,479 million pesos from 27,237 million pesos during the same period last year. Earnings per share for the second quarter of 1992 increased to 1,595 pesos from 357 pesos in the second quarter of last year.
 Net sales restated in constant pesos as of June 30, 1992 for the first half of 1992 were 2,803,782 million pesos, a 25 percent increase over the same period during 1991. Operating income was 230,826 million pesos during the first half of 1992 versus 131,378 million pesos during the same period in 1991. Integral costs of financing generated income of 2,364 million pesos as opposed to a cost of 51,963 million pesos during the same period last year. The change was due to reduced interest rates and increased interest income which more than offset the decrease in the gain in the monetary position. Also during the first half of 1992, the company recovered investments from the Guadalajara - Colima toll road. The company also obtained a profit of 29,000 million pesos through a debt/equity swap in its Huatulco Sheraton Hotel investment, increasing ICA's equity participation in the property to 72 percent. As a result, other financial operations totalled 108,392 million pesos in the first half of 1992 versus 15,912 in 1991.
 Net income of majority interest for the first half of 1992 increased to 231,257 million pesos from 19,076 million pesos during the first six months of 1991. The company noted that in its press release of July 27, 1992 the earnings per share figure reported for the first half of 1992 actually reflected the twelve months ended June 1992. Actual earnings per share for the six months ended June 30, 1992 were 2,229 pesos versus 250 pesos for the comparable period in 1991.
 "Sales growth for the first half can be attributed to higher volumes of work derived from existing construction contracts, particularly in the heavy construction sector," said Dr. Jose Luis Guerrero, chief financial officer of Empresas ICA. "To prepare ourselves for the further opening of the Mexican economy, we have implemented programs focusing on quality and productivity. The results of these programs are evident in our performance. The backlog of construction work already contracted as of June 30, 1992 was 3,126,566 million pesos of which the amount of new contracts was 1,746,249 million pesos. Significant new contracts include the Huites hydroelectric dam, the Zacatal bridge, the Chicago reservoir project and the Torreon-Saltillo toll road."
 "Total capital spending was 1,090,439 million pesos, primarily related to significant investments in equipment and in concessions for the Mazatlan-Culiacan and Leon-Lagos-Aguascalientes highways," he added.
 The company continues to experience significant activity in bids for new contracts.
 In April 1992, the company completed an initial public offering of 28,750,000 shares in the domestic and international markets and raised approximately $480 million. A subsidiary of Empresas ICA also completed a bond offering for 5,100 million pesos.
 Empresas ICA is engaged in a full range of construction activities. ICA builds infrastructural facilities, as well as industrial, urban and housing construction for both the Mexican public and private sectors. ICA also constructs, maintains, and operates highways, bridges and tunnels under concessions granted by the Mexican government. In addition, ICA manufactures and markets auto parts, owns and operates hotels and mines and markets construction aggregates.
 EMPRESAS ICA, SOICEDAD CONTROLADORA, S.A. DE C.V.
 Consolidated Financial Statement
 (millions of pesos)(A)
 Three Months Ended June 30 1992 1991
 Net sales 1,769,062 1,412,157
 Cost of sales 1,491,201 1,119,507
 Gross income 277,861 292,650
 Operating expenses 141,009 175,109
 Operating income 136,852 117,540
 Total financing cost (13,333) 41,066
 Income after financing 150,185 76,475
 Other financial operation (78,895) (2,361)
 Income before taxes and workers'
 profit sharing 229,080 78,835
 Reserve for taxes and workers'
 profit sharing 64,578 64,343
 Net income after taxes and workers'
 profit sharing 164,502 14,492
 Share in net income of subsidiaries
 and non-consolidated associates (112) 441
 Net consolidated income 164,614 14,051
 Net income of minority interest (865) (13,186)
 Net income of majority interest 165,479 27,237
 June '92 June '91
 Number of shares outstanding 103,750,000 76,275,748
 Earnings per share P. 1,595 P. 357
 Six Months Ended 1992 1991
 Net sales 2,803,782 2,235,180
 Cost of sales 2,326,483 1,838,745
 Gross income 477,299 396,435
 Operating expenses 246,473 265,057
 Operating income 230,826 131,378
 Total financing cost (2,364) (51,963)
 Income after financing 233,190 79,415
 Other financial operation (108,392) (15,912)
 Income before taxes and workers'
 profit sharing 341,582 95,327
 Reserve for taxes and workers'
 profit sharing 107,238 82,621
 Net income after taxes and workers'
 profit sharing 234,344 12,706
 Share in net income of subsidiaries
 and non-consolidated associates 856 (1,158)
 Net consolidated income 235,200 11,548
 Net income of minority interest 3,943 (7,528)
 Net income of majority interest 231,257 19,076
 June '92 June '91
 Number of shares outstanding 103,750,000 76,275,748
 Earnings per share P. 2,229 P. 250
 (A) Restated in constant pesos as of June 30, 1992
 -0- 8/7/92
 /CONTACT: Victor Bravo of Empresas ICA, 525-272-9991, ext. 3480, or Fern Lazar or Cathleen Mayrose of Dewe Rogerson, 212-688-6840, for Empresas ICA/
 (ICA) CO: Empresas ICA ST: IN: CST SU: ERN


PS-KW -- NY025 -- 8040 08/07/92 13:07 EDT
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Date:Aug 7, 1992
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