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GRUPO ICA ANNOUNCES FIRST HALF RESULTS

 GRUPO ICA ANNOUNCES FIRST HALF RESULTS
 MEXICO CITY, July 28 /PRNewswire/ -- Grupo ICA (NYSE: ICA), Mexico's


largest construction company, today announced results for the first half of 1992.
 Net consolidated sales for the first half of 1992 rose to 2,803,782 million pesos, a 25 percent increase over the same period during 1991. The bulk of the increase can be attributed to greater volumes of work completed from existing construction contracts, particularly in the heavy construction sector.
 Operating earnings increased to 230,826 million pesos from 131,378 million pesos during the same period in 1991. Total financial costs declined by 2,364 million pesos from 51,965 million pesos during the same period last year. The decline was due to reduced interest rates, increased interest income and a decrease in the gain in the monetary position.
 Net profit increased to 231,257 million pesos from 19,076 million pesos during the first six months of 1991. Earnings per share for the first half of 1992 rose to 5,547 pesos from 1,217 pesos in 1991.
 Total capital spending was 1,090,439 million pesos. Among the investments, notable were those made in equipment and in the Mazatlan- Culiacan and Leon-Lagos-Aguascalientes highways.
 The backlog of construction work already contracted as of June was 3,126,566 million pesos as a result of new contracts for 1,746,249 millions of pesos booked during the first half of this year.
 Among the second quarter's important events were the completion of an initial public offering of 28,750,000 shares in the domestic and international markets, as well as 5,100 million pesos of bonds issued by one of the subsidiaries.
 Empresas ICA is the largest construction company in Mexico. It 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 industrial foods, owns and operates hotels and mines and markets construction aggregates.
 -0- 7/28/92
 /CONTACT: Victor Bravo of Grupo ICA, 525-272-9991, ext 3480, or Fern Lazar or Cathleen Mayrose of Dewe Rogerson, 212-688-6840, for Grupo ICA/
 (ICA) CO: Grupo ICA ST: IN: CST SU: ERN


LR-OS -- NY091 -- 4262 07/28/92 16:48 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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