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EMPRESAS ICA REPORTS THIRD QUARTER EARNINGS

 EMPRESAS ICA REPORTS THIRD QUARTER EARNINGS
 MEXICO CITY, Oct. 29 /PRNewswire/ -- Empresas ICA Sociedad


Controladora, S.A. de C.V. (NYSE: ICA), Mexico's largest construction company, today reported results for the third quarter and nine months ended Sept. 30, 1992. All figures were prepared in accordance with Mexican GAAP and have been restated in constant pesos as of Sept. 30, 1992.
 Net sales for the third quarter ended Sept. 30, 1992 decreased to 1,158,121 million pesos, from 1,375,853 million pesos reported during the same period of 1991. Nevertheless, net income of majority interest for the third quarter increased to 78,281 million pesos or 754 pesos per share, from 76,611 million pesos or 1,027 pesos per share reported during the same period of 1991. Shares outstanding in the third quarter of 1992 were 103.75 million compared with 74.6 million in the third quarter of 1991.
 The decrease in net sales during the third quarter of 1992 was a consequence largely of delays in the heavy construction sector caused by heavy rains in certain parts of Mexico, a delay in the commencement of construction on the Mexico-Guadalajara toll road and a decline in demand for ICA's manufactured goods, which more than offset increased sales in the transportation, construction, urban and housing construction, construction aggregates and hotel sectors.
 The increase in net income of majority interest is attributable largely to a decrease in the integral cost of financing, which was 12,907 million pesos for the third quarter of 1992 as compared with 81,249 million pesos for the comparable period of 1991, and in the provision for income taxes and employee profit sharing, which fell to 51,855 million pesos for the third quarter of 1992, from 70,893 million pesos for the comparable period of 1991. The decrease in the integral cost of financing was a result of reduced interest expense and increase interest income, which more than offset a decrease in gain from monetary position. Despite the decrease in the provision for income taxes in the third quarter of 1992 as compared to the third quarter of 1991, the Company expects that, as a consequence of additional provisions that will need to be made during the fourth quarter of 1992, the effective income tax rate for 1992 will be comparable to that for 1991.
 Despite the decrease in the third quarter, net sales for the nine months ended Sept. 30, 1992 were 4,021,624 pesos, a 10 percent increase over the 3,658,688 million pesos reported during the same period of 1991. Net income of majority interest for the nine months increased to 314,464 million pesos or 3,031 pesos per share from 96,094 million pesos or 1,288 pesos per share reported during the same period of 1991.
 The backlog of construction work already contracted as of Sept. 30, 1992 was 3,588,531 million pesos, 1,745,193 million of which is attributable to contracts awarded in the third quarter of 1992. The main projects awarded to ICA during the third quarter were the Mexico- Guadalajara toll road, the Nissan assembly plant expansion in Aguascalientes and the soccer stadium in Pachuca, state of Hidalgo.
 Additionally, the Mazatlan-Culiacan toll road, 205 kilometers in length and the Leon-Lagos-Aguascalientes toll road, 116 kilometers in length, both of which will be operated by ICA, were opened to traffic on the 26th and 27th of October, respectively.
 Empresas ICA Sociedad Controladora, S.A. de C.V. is engaged in a full range of construction and related activities. ICA constructs infrastructural facilities, as well as industrial, urban and housing construction for both the Mexican public and private sectors. ICA constructs, maintains and operates highways, bridges and tunnels under concessions granted by the Mexican government. In addition, ICA manufactures and markets autoparts, owns and operates hotels and mines and markets construction aggregates.
 EMPRESAS ICA, SOCIEDAD CONTROLADORA, S.A. DE C.V.
 Consolidated Financial Statement
 For The Three Months Ended Sept. 30
 (Millions of pesos (a), unaudited)
 1992 1991
 Net sales 1,158,121 1,375,853
 Cost of sale 826,303 1,095,876
 Gross income 331,818 279,977
 Operating expenses 181,816 49,865
 Operating income 150,002 230,112
 Total financing cost 12,907 81,249
 Income after financing 137,095 148,863
 Other financial operation 10,205 19,289
 Income before taxes and
 employee profit sharing 126,890 129,575
 Reserve for taxes and
 employee profit sharing 51,855 70,893
 Net income after taxes and
 employee profit sharing 75,035 58,682
 Share in net income of
 subsidiaries and non-
 consolidated associates (874) 5,912
 Net consolidated income 74,161 64,594
 Net income of minority interest (4,120) (12,018)
 Net income of majority interest 78,281 76,611
 Number of shares outstanding 103.75 74.60
 Earnings per share 754 1,027
 (A) Restated in constant pesos as of Sept. 30, 1992.
 EMPRESAS ICA, SOCIEDAD CONTROLADORA, S.A. DE C.V.
 Consolidated Statement of Income
 Nine months ended Sept. 30, 1992
 (Millions of pesos (b), unaudited)
 1992 1991
 Net sales 4,021,624 3,658,688
 Cost of sale 3,202,340 2,073,824
 Gross income 819,284 684,864
 Operating expenses 433,539 320,573
 Operating income 385,745 364,291
 Total financing cost 10,493 134,320
 Income after financing 375,252 229,971
 Other financial operation (100,496) 3,038
 Income before taxes and
 employee profit sharing 475,748 226,934
 Reserve for taxes and employee
 profit sharing 161,377 155,275
 Net income after taxes and
 employee profit sharing 314,371 71,659
 Share in net income of subsidiaries
 and consolidated associates 0 4,729
 Net consolidated income 314,371 76,388
 Net income of minority interest (93) (19,706)
 Net income of majority interest 314,464 96,094
 Number of shares outstanding 103.75 74.60
 Earnings per share 3,031 1,288
 (b) Restated in constant pesos as of Sept. 30, 1992.
 -0- 10/29/92
 /CONTACT: Victor Bravo of ICA, 011-525-272-9991, ext. 3480, or Cathleen Mayrose of Dewe Rogerson, 212-688-6840, for ICA/
 (ICA) CO: Empresas ICA, Sociedad Controladora, S.A. de C.V. ST: IN: CST SU: ERN


TM-JT -- NY005 -- 6375 10/29/92 08:01 EST
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