FORM 6-KSECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of February, 2006

Commission File Number 1-11080

THE ICA CORPORATION(Translation of registrant's name into English)

Minería No. #14511800 México D.F.(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F....þ.... Form 40-F..........

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ..... No...þ....

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________






---



| | PRESS RELEASE
| | -------------

|For more information contact: |                      
|----------------------------- | ---------------------
|                             
|Ing. Alonso Quintana          |                      
|(5255) 5272-9992 x3468        | in the United States:
|alonso.quintana@ica.com.mx    | Zemi Communications  
|                             
|Lic. Paloma Grediaga          | Daniel Wilson        
|(5255) 5272-9992 x3664        | (212) 689-9560       
|paloma.grediaga@ica.com.mx    | dbmwilson@zemi.com   



ICA REPORTS FOURTH QUARTER AND FULL YEAR 2005 RESULTS

Mexico City, February 27, 2006  Empresas ICA, S.A. de C.V. (BMV and NYSE: ICA), the largest engineering, construction, and procurement company in Mexico, announced today its
unaudited consolidated results for the fourth quarter and full year 2005.

As previously announced, ICAs year-end 2005 balance sheet consolidates the operations of the North Central Airport Group (GACN), ICAs airport operator subsidiary; GACNs income statement will be consolidated
beginning with the first quarter of 2006.

ICA noted the following highlights:

|• | Total revenues for the fourth quarter of 2005 were Ps. 5,121 million, an
increase of Ps. 1,384 million, or 37 percent, as compared to Ps. 3,736 million
in the fourth quarter of 2004. Full year 2005 revenues were Ps. 18,405
million, an increase of Ps. 5,287 million, or 40 percent, as compared to Ps.
13,118 million in 2004.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
|• | Operating income for the fourth quarter of 2005 was Ps. 296 million, an
increase of Ps. 79 million, or 36 percent, as compared to Ps. 217 million in
the same period of 2004. Operating income for the year 2005 was Ps. 1,055
million, an increase of Ps. 532 million, or 102 percent, as compared to Ps.
523 million in 2004.    
| 
|• | Net income of majority interest was Ps. 212 million in the fourth quarter of
2005. Net income of majority interest for the year 2005 was Ps. 502 million,
equivalent to Ps. 0.53 per share or US$ 0.60 per ADS.                                                                                                                    
| 
|• | ICAs consolidated construction backlog as of December 31, 2005 was Ps.
13,693 million; new contract awards and net contract additions during the
fourth quarter of 2005 were Ps. 2,622 million.                                                                                                                                   
| 
|• | The consolidation of the GACNs balance sheet as of December 31, 2005
increased ICAs consolidated assets by Ps. 8,001 million, or 26 percent.                                                                                                                                                                                     



|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 1/20

---



| | PRESS RELEASE
| | -------------

|• | As of December 31, 2005, cash and cash equivalents were Ps. 6,264 million,
an increase of 77 percent as compared to Ps. 3,545 million at the end of
2004. Of the increase of Ps. 2,719 million, Ps. 1,657 million results from the
consolidation of GACN.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| 
|• | As of December 31, 2005, there were 402,657,260 total shares outstanding,
reflecting the reverse split carried out on December 13, 2005. The ADS-share
ratio was also adjusted to one ADS per 12 shares.                                                 

FOURTH QUARTER 2005 CONSOLIDATED RESULTS

|(Ps. million)                                   | 4Q2004                                                                                                                                                                                                                                                                                                                                                                                                                   | 4Q2005 | Change (%)
|----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------ | ----------
|                                                |                                                                                                                                                                                                                                                                                                                                                                                                                          |        |           
|Revenues                                        | 3,736                                                                                                                                                                                                                                                                                                                                                                                                                    | 5,121  | 37        
|Operating income                                | 217                                                                                                                                                                                                                                                                                                                                                                                                                      | 296    | 36        
|Operating margin                                | 5.8%                                                                                                                                                                                                                                                                                                                                                                                                                     | 5.8%   |           
|EBITDA                                          | 442                                                                                                                                                                                                                                                                                                                                                                                                                      | 489    | 11        
|EBITDA margin                                   | 11.8%                                                                                                                                                                                                                                                                                                                                                                                                                    | 9.5%   |           
|Net income (loss) of majority interest          | 262                                                                                                                                                                                                                                                                                                                                                                                                                      | 212    | (19)      
|Earnings per share (Ps.)                        | 0.84                                                                                                                                                                                                                                                                                                                                                                                                                     | 0.53   |           
|Weighted average shares outstanding (million) * | 310.84                                                                                                                                                                                                                                                                                                                                                                                                                   | 402.66 | 30        
|                                                |                                                                                                                                                                                                                                                                                                                                                                                                                          |        |           
|                                                | EBITDA = Earnings before other income, integral financing cost, taxes and statutory profit sharing, minority interest, and depreciation and amortization expenses. EBITDA is not a measure of financial performance or an indicator of free cash flow generation under Mexican or U.S. GAAP. Other companies may define EBITDA  differently.  * 2004 shares are adjusted for the 1:6 reverse split of December 13, 2005.

ICA recorded fourth quarter 2005 revenues of Ps. 5,121 million, an increase of 37 percent compared to the fourth quarter of 2004. The El Cajón hydroelectric project accounted for 21 percent of total revenues and was
80.5 percent complete as of December 31, 2005. During the fourth quarter of 2005, revenues in Mexico represented 89 percent of the total. Revenues denominated in foreign currency, principally U.S. dollars, were 63 percent of the total.

Cost of sales was Ps. 4,470 million, an increase of 38 percent as compared to Ps. 3,238 million in the same period of 2004. Costs were 87 percent of revenues, unchanged from the fourth quarter of 2004.

General and administrative expenses in the fourth quarter of 2005 totaled Ps 354 million, a 26 percent increase compared to Ps. 281 million in the fourth quarter of 2004. Expenses in the 2005 period include a Ps. 50 million
provision for bonuses based on 2005 profits, and which will be distributed in accordance with the bylaws. This amount is in addition to the bonus provision made in the third quarter, bringing the full year 2005 amount to Ps. 100 million. Expenses
also included bid preparation expenses of Ps. 23 million during the fourth quarter of 2005, compared to Ps. 8 million registered during the same period of 2004. Operating income during the fourth quarter of 2005 was Ps. 296 million, an increase of
Ps. 79 million, or 36 percent, compared to Ps. 217 million recorded

|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 2/20

---



| | PRESS RELEASE
| | -------------

during the same period of 2004. The El Cajón hydroelectric project generated Ps. 66 million, or 22 percent, of total operating income.

EBITDA generated in the fourth quarter of 2005 was Ps. 489 million, equivalent to 9.5 percent of revenues, an increase of Ps. 47 million compared to Ps. 442 million in EBITDA generated in the fourth quarter of 2004. The El
  Cajón hydroelectric project generated 23 percent of the total.

The Companys accounting policies provide that financial costs of financed works be recognized in the cost of sales. As a result, financial costs for the El Cajón hydroelectric project are included in cost of
sales. Adjusted EBITDA adds back net capitalized interest expense to EBITDA. In the fourth quarter of 2005, Adjusted EBITDA was Ps. 583 million compared to Ps. 527 million during the fourth quarter of 2004, an increase of Ps. 56 million or 11
percent. EBITDA and Adjusted EBITDA should not be considered as indicators of financial performance or free cash flow under Mexican or U.S. GAAP; other companies may define similarly titled concepts differently.

|(Ps. million)                                                                                    | 4Q2004 | 4Q2005
|------------------------------------------------------------------------------------------------ | ------ | ------
|                                                                                                 |        |       
|Net income of majority interest                                                                  | 262    | 212   
|Plus: minority interest, affiliate earnings, taxes, and other                                    | 60     | 100   
|income, net                                                                                      |        |       
|Plus: integral financing cost                                                                    | (105)  | (17)  
|Plus: depreciation and amortization                                                              | 225    | 193   
|EBITDA                                                                                           | 442    | 489   
|                                                                                                
|Plus: net capitalized financial costs                                                            | 86     | 94    
|Adjusted EBITDA                                                                                  | 527    | 583   
|                                                                                                 |        |       
|EBITDA and Adjusted EBITDA are not measures of financial performance or indicators of free cash 
|flow generation under Mexican or U.S. GAAP. Other companies may define similarly titled concepts
|differently.                                                                                     |        |       

The integral financing cost (CIF) in the fourth quarter of 2005 was a gain of Ps. 17 million, compared to a gain of Ps. 105 million recorded in the fourth quarter of 2004. Financial expense increased to Ps. 91 million in the
fourth quarter of 2005 compared to Ps. 71 million in the same period of 2004. The increase is due to a higher level of debt as a result of the refinancing of the Corredor Sur and Acapulco Tunnel projects in the second quarter of 2005. Financial
income during the quarter was Ps. 128 million, a Ps. 15 million, or 13 percent, increase as compared to Ps. 113 million in the fourth quarter of 2004. The increase is primarily due to an increase in cash and cash equivalents as a result of the
capital increase in August 2005 and a higher level of customer advances. The exchange loss in the fourth quarter 2005 was Ps. 11 million, compared to a Ps. 7 million gain in the same period of last year.

|(Ps. million)        | 4Q2004 | 4Q2005
|-------------------- | ------ | ------
|                     |        |       
|Financial Expense    | 71     | 91    
|Financial (Income)   | (113)  | (128) 
|Exchange (Gain) Loss | (7)    | 11    

|Monetary (Gain) Loss           | (56)  | 9   
|------------------------------ | ----- | ----
|                               |       |     
|Integral Financing Cost (Gain) | (105) | (17)
|                               |       |     

|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 3/20

---



| | PRESS RELEASE
| | -------------



The weighted average interest rate on total debt was 7.8 percent during the quarter, including Ps. 193 million in capitalized interest expense on financed public works, compared to 8.1 percent registered during the same
period in 2004. The reduction in the weighted average interest rate is the result of an increase in the debt of the El Cajón hydroelectric project, which carries a relatively low rate, and the improved terms from the refinancing of the
Corredor Sur project in Panama and the Acapulco Tunnel. The calculation for the weighted average interest rate is as follows:

|(Ps. million)                              | 4Q2004 | 4Q2005
|------------------------------------------ | ------ | ------
|                                           |        |       
|Interest Expense included in CIF           | 71     | 91    
|Financed Interest Expense in cost of sales | 88     | 102   
|Total Interest Expense                     | 159    | 193   
|Average Debt Outstanding                   | 7,852  | 9,958 
|                                           |        |       
|Weighted Average Interest Rate             | 8.1%   | 7.8%  
|                                           |        |       

Other Income was Ps. 69 million during the fourth quarter of 2005, resulting primarily from the sale of certain land rights located in the city of Querétaro resulting that had previously been adjudicated in favor of
ICA.

The tax provision in the fourth quarter of 2005 was Ps. 151 million, of which Ps. 74 million was deferred taxes, Ps. 18 million was income tax, and Ps. 58 million was employee statutory profit sharing.

ICA recognized Ps. 24 million during the fourth quarter of 2005 from its share in the earnings of unconsolidated affiliates, which included the Dravica Consortium, CIMA, and Dicomex Holding, among others.

Net income of majority interest was Ps. 212 million in the fourth quarter of 2005, or Ps. 0.53 per share (US$ 0.60 per ADS) based on 402.66 million weighted average shares outstanding, compared to net income of majority
interest of Ps. 262 million recorded in the fourth quarter of 2004, or Ps. 0.84 per share (US$ 0.95 per ADS), based on a weighted average of 310.84 million shares outstanding. The 2004 earnings per share and earnings per ADS are adjusted for the 1:6
reverse split and the new 1:12 ADS ratio.

|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 4/20

---



| | PRESS RELEASE
| | -------------

SEGMENT RESULTS

Starting this quarter, ICA has expanded the information provided for each segment, in order to facilitate analysis of the Companys performance.

Construction

Construction segment results are shown in the following table:

|              | Civil | Industrial |     | Rodio |       | Subtotal
|------------- | ----- | ---------- | --- | ----- | ----- | --------
|(Ps. Million) | 4Q04  | 4Q05       | Ch% | 4Q04  | 4Q05  | Ch%     
|              |       |            |     |       |       |         
|Revenues      | 1,235 | 2,260      | 83  | 1,327 | 2,010 | 52      
|Operating     |       |            |     |       |       |         
|Income        | 75    | 197        |     | 92    | 140   |         
|Depr. &       |       |            |     |       |       |         
|Amort.        | 118   | 116        |     | 19    | 23    |         
|Net Income    | 206   | 146        |     | 38    | 37    |         
|EBITDA        | 193   | 313        |     | 110   | 163   |         
|Operating     |       |            |     |       |       |         
|Margin        | 6.1%  | 8.7%       |     | 6.9%  | 7.0%  |         
|Total Assets  | 8,050 | 12,079     |     | 4,736 | 3,610 |         
|Debt          | 4,934 | 6,132      |     | 681   | 214   |         
|Stockholders |       |            |     |       |       |         
|Equity        | 1,065 | 2,622      |     | 1,044 | 766   |         
|CAPEX         | 102   | 115        |     | 91    | 62    |         

Total construction revenues increased 46 percent during the fourth quarter of 2005, as compared to the previous year. Civil Construction and Industrial Construction grew significantly, which offset a decrease in Rodio
revenues. Together, construction activities generated an operating margin of 6.9 percent during the fourth quarter of 2005, compared to 6.2 percent during the same quarter of 2004. Fourth quarter 2005 EBITDA was Ps. 484 million, with an EBITDA
margin of 10.1 percent.

Civil Constructionrevenues resulted principally from work on the El Cajón hydroelectric project, the Tejocotal-Nuevo Necaxa section of the
  Mexico-Tuxpan highway, projects at the Mexico City International Airport, including work on Terminal II, the renovation of the Moon Palace Hotel in Cancun, the Federal Justice building in Cholula, Puebla, and the IMSS General Hospital in Cancun. The
  Civil Construction operating margin was 8.7 percent in the fourth quarter of 2005, compared to 6.1 percent in the 2004 period. During the fourth quarter of 2005, revenues of Ps. 12 million were recorded as a result of client recognition of increased
  costs for the Mexico-Tuxpan highway and collection of a Ps. 26 million account receivable for the Chiapas Bridge II, for which the related costs were registered in prior periods. The operating margin would have been 7.6 percent had these revenues
  not been registered in the fourth quarter of 2005.



|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 5/20

---



| | PRESS RELEASE
| | -------------

Civil Construction EBITDA was Ps. 313 million, an increase of 62 percent compared to Ps. 193 million in the 2004 fourth quarter. The El Cajón hydroelectric project generated EBITDA of Ps. 136 million in 2005 and Ps. 143 million in the 2004 period. This reduction reflects a lower level of amortization of financial costs El Cajón during 2005, in accordance with the amortization schedule for these costs adopted in the third quarter of 2004. Civil Construction net income of majority interest was Ps. 146 million, compared to Ps. 206 million in the fourth quarter of 2004. The decrease is due to a lower level of participation in the earnings of unconsolidated construction affiliates. Provisions for completing ancillary works for the Caruachi hydroelectric project in Venezuela resulted in a fourth quarter 2005 loss of Ps. 26 million, compared to income of Ps. 174 million in the last quarter of 2004.

Industrial Constructionrevenues rose 52 percent as a result of an increased volume of work performed on existing projects. The projects that contributed most to revenues were Package II
  of the Minatitlan refinery reconfiguration, the Altamira V combined cycle power plant in Tamaulipas, the Chicontepec oil field project in Veracruz, the liquefied natural gas terminal and storage tanks in Altamira, Tamaulipas, and the Reynosa IV
  cryogenic plant in Tamaulipas. The Industrial Construction operating margin was 7.0 percent in the fourth quarter of 2005, compared to 6.3 percent in the 2004 period. The increase in operating income primarily reflects the increased volume of work
  on Package II of the Minatitlan refinery reconfiguration project and the recovery of US$1 million in bid preparation expenses previously recorded. Bid preparation expenses were Ps. 7.7 million for the fourth quarter of 2005, compared to Ps. 8.0
  million in the fourth quarter of 2004.

Industrial Construction EBITDA was Ps. 163 million in the fourth quarter of 2005, an increase of 48 percent compared to Ps. 110 million during the same quarter of 2004. Industrial Construction net income of majority interest
was Ps. 37 million, basically unchanged from the 2004 period, principally as a result of a higher tax payments.

Rodiogenerated revenues of Ps. 499 million, a reduction of 30 percent compared to Ps. 710 million in the same quarter of 2004. This reflects a lower level of work and the contraction of
the market in Portugal. Rodios operating margin for the fourth quarter of 2005 was (1.6) percent, as a result of Ps. 24 million in additional costs for a project in Portugal. Rodios most important project is the M30 expressway around
Madrid.

Rodio EBITDA was Ps. 7 million, a reduction of 91% compared to Ps. 76 million registered during the same quarter of 2004. Rodio net income of majority interest was Ps. 1 million in the fourth quarter of 2005, compared to Ps.
10 million registered in the same quarter of 2004. The decrease was a result of a reduction in work volumes and the additional costs for a project in Portugal.



|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 6/20

---



| | PRESS RELEASE
| | -------------

|Housing and Infrastructure Segments |        |         |         |                         
|----------------------------------- | ------ | ------- | ------- | ------------------------
|                                   
|(Ps. Million)                       |        | Housing |         | Infrastructure Operation
|Quarter                             | 4Q2004 | 4Q2005  | Change% | 4Q2004                  
|                                    |        |         |         |                         
|Revenues                            | 329    | 284     | -14%    | 88                      
|Operating Income                    | 29     | 23      |         | (1)                     
|Depreciation & Amortization         | 1      | 12      |         | 38                      
|Net Income                          | 30     | 13      |         | 77                      
|EBITDA                              | 30     | 35      |         | 38                      
|Operating Margin                    | 8.8%   | 8.1%    |         | -0.9%                   
|Total Assets                        | 1,042  | 1,162   |         | 4,973                   
|Debt                                | 289    | 123     |         | 972                     
|Stockholders Equity                | 611    | 798     |         | 3,701                   
|CAPEX                               | 0      | 12      |         | 80                      

Housingsold 1,049 units during the fourth quarter of 2005, compared to 1,288 units in the 2004 period. Included in the totals are revenues from the sale of 77 and 196 lots, respectively,
corresponding to the Arcos de Aragon project that ViveICA is jointly developing with GEO. The reduction in the number of units sold is principally the result of delays in opening to the general public sales of units at Arcos de Aragon.

Revenues for the fourth quarter of 2005 were Ps. 284 million, a 14 percent reduction compared to Ps. 329 million in the same period of 2004. The decrease in sales reflects the decrease of units sold. The operating margin in
the fourth quarter of 2005 was 8.1 percent, compared to 8.8 percent in the same quarter of 2004.

Forty-nine percent of the housing units sold in the fourth quarter of 2005 were in the traditional housing (vivienda tradicional) category, which provides
the highest margins; 42 percent were in the affordable (vivienda de bajos ingresos) category; and 9 percent were in the entry-level (vivienda
ecónomica) category. Housings EBITDA during the fourth quarter of 2005 was Ps. 35 million, an increase of 16 percent compared to Ps. 30 million during the same quarter of 2004. Housings net
income of majority interest was Ps. 13 million in the fourth quarter of 2005, compared to Ps. 30 million in the 2004 period.

Infrastructure Operationsrevenues were Ps. 88 million in the fourth quarter of 2005. The fourth quarter 2005 operating loss for Infrastructure Operations was Ps. 20 million, principally
as a result of one time expenses in Panama, compared to operating income of Ps. 1 million registered in the same period of 2004. Without the Panama expenses, the operating margin would have been zero.

The Corredor Surs average traffic volume
  in the fourth quarter of 2005 increased to 53,206 vehicles per day, compared to 46,589 in the same quarter of 2004. Tolls rates were increased by 2 percent during December 2005.



|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 7/20

---



| | PRESS RELEASE
| | -------------

In December 30, 2005, ICA received from the government of Panama US$28.8 million in ten-year government notes, with a seven percent per annum coupon, in payment for the arbitration award in favor of ICA and additional investment in the rehabilitation of the Albrook airport. These notes were sold in the secondary market on January 31, 2006 for US$29.2 million.

The Acapulco Tunnels daily average traffic volume increased to 8,694 vehicles in the fourth quarter of 2005, compared to 8,021 in the same quarter 2004. During December 2005, tolls on non-resident vehicles increased 4.8 percent, in accordance with the concession agreement.

During December 2005, ICA acquired 44.94 percent of the shares of the North Central Airport Group (GACN) in a series of transactions. First, ICA acquired an additional 59.6 percent of the company Servicios de Tecnologia
  Aeroportuaria (SETA); SETA is the operating partner of GACN and owns 15 percent of GACN. ICAs total ownership of SETA is now 74.5 percent. Second, ICA purchased 36 percent of the GACN shares owned by the Mexican government. As a result of
  these transactions, ICA now controls 47.2 percent of GACN. The aggregate US$ 289.8 million purchase price was funded using US$ 164.8 million in cash and US$ 125 million from an 18-month bridge financing provided by West LB and Nord LB.

TWELVE MONTH CONSOLIDATED RESULTS

|(Ps. Million)                                                                                       | Jan-Dec 2004 | Jan-Dec 2005 | Change (%)
|--------------------------------------------------------------------------------------------------- | ------------ | ------------ | ----------
|                                                                                                    |              |              |           
|Revenues                                                                                            |              |              |           
|                                                                                                    | 13,118       | 18,405       | 40        
|Operating income                                                                                    | 523          | 1,055        | 102       
|Operating margin                                                                                    | 4.0%         | 5.7%         |           
|                                                                                                   
|EBITDA                                                                                              | 1,447        | 1,785        | 23        
|EBITDA margin                                                                                       | 11%          | 9.7%         |           
|                                                                                                   
|Net income of majority interest                                                                     | 93           | 502          | n.m.      
|Earnings per share (Ps.)                                                                            | 0.30         | 1.45         | n.m.      
|Weighted average shares outstanding                                                                 |              |              |           
|(million)                                                                                           | 310.18       | 347.13       | 12        
|                                                                                                    |              |              |           
|EBITDA = Earnings before other income, integral financing cost, taxes and statutory profit sharing,
|minority interest, and depreciation and amortization. EBITDA is not a measure of financial         
|performance or an indicator of free cash flow generation under Mexican or U.S. GAAP. Other         
|companies may define EBITDA differently.                                                            |              |              |           

Revenues increased 40 percent to Ps. 18,405 million in 2005, as compared to Ps. 13,118 million in 2004. Operating income was Ps. 1,055 million, a 102 percent increase from the Ps. 523 million in 2004.

Full year 2005 EBITDA was Ps. 1,785 million, an increase of Ps. 338 million compared to Ps. 1,447 million in 2004. The EBITDA margin was 9.7 percent for 2005.



|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 8/20

---



| | PRESS RELEASE
| | -------------



During the full year 2005, Adjusted EBITDA was Ps. 2,154 million, compared to Ps. 1,637 million in 2004, an increase of Ps. 518 million, or 32 percent. The Company calculates EBITDA and Adjusted EBITDA as follows:





|(Ps. million)                                                                                                                                                                                                 | 2004  | 2005 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | -----
|                                                                                                                                                                                                              |       |      
|Net income of majority interest                                                                                                                                                                               | 93    | 502  
|Plus: minority interest, Affiliated Co., taxes, and other                                                                                                                                                     |       |      
|income, net                                                                                                                                                                                                   | 443   | 440  
|Plus: integral financing cost                                                                                                                                                                                 | (12)  | 112  
|Plus: depreciation and amortization                                                                                                                                                                           | 924   | 730  
|EBITDA                                                                                                                                                                                                        | 1,447 | 1,785
|Plus: net capitalized financial costs                                                                                                                                                                         | 190   | 370  
|Adjusted EBITDA                                                                                                                                                                                               | 1,637 | 2,155
|                                                                                                                                                                                                              |       |      
|EBITDA and Adjusted EBITDA are not measures of financial performance or indicators of free cash flow generation under Mexican or U.S. GAAP. Other companies may define similarly titled concepts differently.











|                   |                |     
|------------------ | -------------- | ----
|INVESTOR RELATIONS | www.ica.com.mx | 9/20

---



| | PRESS RELEASE
| | -------------



Net income of majority interest in 2005 was Ps. 502 million, an increase of Ps. 409 million from Ps. 93 million in 2004. Earnings per share for 2005 were Ps. 1.45 (US$ 1.64 per ADS), based on 347.13 million weighted average
shares outstanding, compared to Ps. 0.30 (US$ 0.34 per ADS) in 2004, based on 310.18 million weighted average shares outstanding, after adjusting for the reverse split and change in ADS ratio.

CONSTRUCTION BACKLOG

Beginning with the fourth quarter, ICA will provide, in addition to construction backlog, the value of investments to be performed on concessioned projects, as an additional information item. During the fourth quarter of
2005, all these amounts corresponded to the Irapuato  La Piedad highway PPP (public-private partnership).

At the end of December 2005, the construction backlog was Ps. 13,693 million, a decrease of Ps. 2,146 million, or 14 percent, compared the construction backlog registered at the end of September 2005. Construction backlog was
equivalent to nine months of work at fourth quarter 2005 levels.

The investment to be performed in concessioned projects was Ps. 726 million at the end of 2005.

|                                                                                     |             | Months Construction
|------------------------------------------------------------------------------------ | ----------- | -------------------
|                                                                                     | Ps. million | Equivalent*        
|                                                                                     |             |                    
|Balance, September 2005                                                              | 15,839      | 10                 
|New contracts and contract additions                                                 | 2,622       | 2                  
|Work executed                                                                        | 4,769       | 3                  
|                                                                                     |             |                    
|Balance, December 2005                                                               | 13,693      | 9                  
|                                                                                     |             |                    
|                                                                                    
|Investment to be performed in concessioned
projects                                  | 726         |                    
|                                                                                     |             |                    
|* Months of work based on the volume of work executed in the fourth quarter of 2005.



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 10/20

---



| | PRESS RELEASE
| | -------------

During the fourth quarter of 2005, ICA had new contract awards and net contract additions of Ps. 2,622 million. New projects included: the ramps for Terminal II of the Mexico City International Airport, new contracts in Spain, the Alvaro Obregon hospital in Mexico City, the Taxqueña traffic distributor in Mexico City, the renovation of the Moon Palace Hotel in Cancun, an industrial plant in Queretaro, and the Convention Center in Irapuato, Guanajuato.

Construction on the Irapuato  La Piedad highway PPP began at the end of the fourth quarter. The transfer of resources to the concessionaire in the form of a capital contribution has been made, and the concessionaire is
  in the process of obtaining a Ps. 580 million loan.

At the end of the fourth quarter of 2005, projects in Mexico represented 94.1 percent of total backlog, while projects abroad represented 5.9 percent. Of the total, 81.6 percent are for public sector clients, and 18.4 percent
are for private sector clients.

EL CAJÓN HYDROELECTRIC PROJECT

The following table summarizes the main financial accounts of the El Cajón hydroelectric project:

|(Ps. million)                 | 4Q2004 | 1Q2005 | 2Q2005 | 3Q2005 | 4Q2005
|----------------------------- | ------ | ------ | ------ | ------ | ------
|                              |        |        |        |        |       
|Income Statement              |        |        |        |        |       
|Revenue                       | 717    | 854    | 1,049  | 1,121  | 1,093 
|Operating Income              | 40     | 51     | 64     | 67     | 66    
|Operating Margin              | 6%     | 6%     | 6%     | 6%     | 6%    
|                             
|Balance Sheet                 |        |        |        |        |       
|Total Assets                  | 5,918  | 6,639  | 7,217  | 8,104  | 8,671 
|Cash and Cash Equivalents     | 879    | 636    | 420    | 272    | 559   
|Inventories                   | 44     | 32     | 25     | 21     | 33    
|Other Current Assets          | 188    | 229    | 214    | 248    | 238   
|Total Current Assets          | 1,111  | 896    | 659    | 541    | 829   
|Long Term Accounts Receivable | 4,275  | 5,242  | 6,072  | 7,158  | 7,529 
|Total Long Term Assets        | 4,275  | 5,242  | 6,072  | 7,158  | 7,529 
|Total Liabilities             | 5,746  | 6,423  | 6,908  | 7,609  | 7,832 
|Current Liabilities           | 487    | 549    | 724    | 874    | 911   
|Long Term Liabilities         | 5,022  | 5,577  | 5,814  | 6,306  | 6,420 
|Other Liabilities             | 237    | 296    | 368    | 427    | 501   
|Equity                        | 172    | 216    | 308    | 495    | 839   
|                              |        |        |        |        |       

The El Cajón hydroelectric project was 80.5 percent complete as of December 31, 2005, and during the fourth quarter generated Ps. 1,093 million in revenues and Ps. 66 million in operating income, with a 6 percent
operating margin.



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 11/20

---



| | PRESS RELEASE
| | -------------

At the end of 2005, US$ 521 million in long term financing for the project had been disbursed, or 76.35 percent of the long term financing of US$ 682.4 million from the syndicated loan and the 144A bond.

Total liabilities for the El Cajón hydroelectric project rose to Ps. 7,832 million, of which 12 percent was short term and 88 percent long term. The syndicated loan is shown on ICAs balance sheet as it is
  disbursed. The entire amount of the 144A bond, for US$ 230 million, has been recorded as long term securities debt since the date of its issuance. The bond proceeds are used pari passu with the syndicated loan, and the cash obtained from the bond
  placement is recorded as a long term investment until it is used.

NORTH CENTRAL AIRPORTS GROUP (GACN)

As discussed elsewhere in this report, ICAs balance sheet as of December 31, 2005 consolidates the operations of GACN. The income statement of GACN will, however, only be consolidated effective January 1, 2006. For
informational purposes, the following table shows the principal operating indicators for GACN for 2004 and 2005.

|(Ps. Million)                 | 2004  | 2005  | Change (%)
|----------------------------- | ----- | ----- | ----------
|                              |       |       |           
|Passengers (million)          | 10.59 | 11.56 | 9         
|Regulated revenue             | 1,004 | 1,104 | 10        
|Non-regulated revenue         | 232   | 266   | 15        
|Total Revenue                 | 1,236 | 1,371 | 11        
|Operating income              | 384   | 468   | 22        
|Depreciation and amortization | 200   | 211   | 6         
|EBITDA                        | 584   | 679   | 16        
|Operating margin              | 31.1% | 34.2% |           
|                              |       |       |           



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 12/20

---



| | PRESS RELEASE
| | -------------

BALANCE SHEET

The main accounts of ICAs consolidated balance sheet are shown in the following table. For comparative purposes, the balance sheet is presented with and without GACN for the end of 2005.

|                                             |        | 2005   
|-------------------------------------------- | ------ | -------
|                                             |        |        
|                                             |        | Consol-
|(Ps. million)                                | 2004   | idated 
|                                             |        |        
|Assets                                       |        |        
|Cash and Cash Equivalents                    | 3,545  | 6,264  
|Trade and Contract Receivables               | 3,211  | 3,528  
|Other Receivables                            | 1,276  | 727    
|Inventories                                  | 1,228  | 1,319  
|Other Current Assets                         | 252    | 246    
|                                             |        |        
|Total Current Assets                         | 9,513  | 12,083 
|Trade and Contract Receivables               | 4,395  | 7,871  
|Investment in Subsidiaries & Affiliated Cos. | 1,013  | 362    
|Other Investments                            | 3,245  | 7,544  
|                                            
|Concessions                                  | 3,136  | 7,446  
|Long term Land Inventories                   | 108    | 98     
|                                             |        |        
|Long Term Assets                             | 8,653  | 15,776 
|Property, Plant and Equipment Net            | 1,189  | 2,526  
|Other Assets                                 | 1,418  | 641    
|                                             |        |        
|Total Assets                                 | 20,773 | 31,027 
|                                            
|Total Liabilities                            | 14,734 | 18,198 
|Stockholders' Equity                         | 6,038  | 12,829 
|                                             |        |        
|Total Liabilities & Stockholders Equity     | 20,773 | 31,027 

At the close of the fourth quarter 2005, total assets increased 49 percent, total liabilities rose 24 percent, and shareholders equity rose 112 percent, as compared to the end of 2004.

ICA had total assets of Ps. 31,027 million as of December 31, 2005, an increase of Ps. 10,255 million, or 49 percent, compared to Ps. 20,773 million at the end of 2004. Of the increase, Ps. 8,001 million was accounted for by
the consolidation of GACN. The remaining increase is a result of the combined effect of the capital increase in August 2005, client advances, higher levels of construction activity, faster invoicing and collection for completed work, and execution
of the El Cajón hydroelectric project.



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 13/20

---



| | PRESS RELEASE
| | -------------

At the end of the fourth quarter of 2005, ICA had total cash and cash equivalents of Ps. 6,264 million, an increase of 77 percent as compared to Ps. 3,545 million at the end of the fourth quarter of 2004. Of the Ps. 2,719 million increase, Ps. 1,657 million is attributable to the consolidation of GACN. At the end of 2005, 63 percent of cash and cash equivalents were in the following subsidiaries: 26 percent in GACN, 25 percent in ICA Fluor, 9 percent in the El Cajón hydroelectric project, 5 percent in the reserves established to secure the Acapulco Tunnel and Corredor Sur financings, and 2 percent in Rodio. This cash generally cannot be used by ICA without the approval of its joint venture partners. The remaining 33 percent, or Ps. 2,056 million, was held at the parent company or other operating subsidiaries. Of total cash as of December 2005, 25 percent represented client advances.

While ICAs revenues rose 40 percent in 2005 as compared to 2004, short-term accounts receivable increased only Ps. 317 million, or 10 percent, to Ps. 3,528 million at the end of December 2005 from Ps. 3,211 million at
  the end of December 2004; GACN contributed Ps. 220 million of the increase. Excluding GACN, the increase was 3 percent, reflecting an improvement in ICAs collections and invoicing processes. Accounts receivable include deferred payments from
  clients that are subject to reaching defined milestones and that, in large part, require financing, since the contracts do not provide for client advances. The main projects that meet these characteristics are in Industrial Construction and totaled
  Ps. 805 million at the end of 2005, of which Ps. 505 million is for the Chicontepec oil field project and Ps. 300 million is for Package II of the Minatitlan Refinery reconfiguration project.

Total long term assets of Ps. 15,776 million include Ps. 7,871 million in accounts and documents receivable, which include client certifications at the El Cajón hydroelectric project and the unused portion of the
proceeds from the 144A bond, and Ps. 7,446 million in completed works in concessions.

Total liabilities increased Ps. 3,464 million to Ps. 18,198 million in the fourth quarter of 2005, compared to Ps. 14,734 million in the same quarter of 2004. The acquisition of GACN, including the financing of US$ 125
million, accounted for Ps. 2,158 million of the increase in liabilities.

Shareholders equity increased by Ps. 6,791 million to Ps. 12,829 million on December 31, 2005, as compared to Ps. 6,038 million on December 31, 2004. Of the total increase in shareholders equity, the minority
interests in GACN represented Ps. 3,806 million, and the balance is the result of the capital increase in August 2005 and 2005 net income.

Debt

Total debt at the end of the 2005 was Ps. 10,504 million, an increase of Ps. 2,594 million compared to the Ps. 7,910 million at the end of the prior year.



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 14/20

---



| | PRESS RELEASE
| | -------------

Excluding the El Cajón hydroelectric project, total debt increased Ps. 1,082 million. The increase in debt reflects the refinancing of the Corredor Sur and Acapulco Tunnel concessions, an increase in short term working capital loans for Rodio, short term working capital financing for Package II of the Minatitlan refinery reconfiguration and the financing of the GACN acquisition, which were offset in part by the payment of parent company and subsidiary debt related to projects that have been completed, principally in the Housing segment.

Net debt excluding the El Cajón hydroelectric project was Ps. (1,333) million, compared to Ps. 372 million at the end of 2004. This is the third consecutive quarter with a positive net cash position excluding El
  Cajón, and is the result of the increase in capital, the payment of parent company debt, and the refinancing of projects that generated cash for the Company.

US$ 521 million of the El Cajón hydroelectric project long term financing has been used by ICA.

|(Ps. Million)                      | 4Q2004 | 4Q2005 
|---------------------------------- | ------ | -------
|                                   |        |        
|Short Term Debt                    | 1,540  | 515    
|Long Term Debt                     | 6,370  | 9,989  
|Total Debt                         | 7,910  | 10,504 
|Total Cash and cash equivalents    | 3,545  | 6,264  
|Total Net Debt                     | 4,365  | 4,240  
|El Cajón Project Debt              | 4,871  | 6,132  
|El Cajón Cash and cash equivalents | 879    | 559    
|                                   |        |        
|Net Debt, El Cajón                 | 3,992  | 5,573  
|Net Debt, excluding El Cajón       | 372    | (1,333)
|                                   |        |        

Of ICAs total debt, 85 percent, or Ps. 8,914 million, corresponds to projects and 15 percent, or Ps.1,590 million, is operating company debt. ICA had no parent company debt outstanding at the end of 2005.

During the fourth quarter of 2005, ICAs wholly owned subsidiary Aeroinvest incurred debt to acquire the additional GACN shares. The 18-month bridge loan for US$125 million was provided by West LB and Nord LB.

As of December 31, 2005, 5 percent of ICAs total debt matured in less than one year; 46 percent is securities debt; and 91 percent is denominated in foreign currency, principally dollars.

Liquidity and Financial Ratios

The current ratio as of the end of the fourth quarter of 2005 increased to 1.65, compared to 1.22 at year-end 2004. The increase was principally the result of the consolidation of GACNs balance sheet at year-end 2005,
the capital increase in the third quarter of 2005, the payment of parent company debt, client advances, the refinancing of liabilities at lower rates, and an increase in the Companyslevel of activity. It
should be noted that a portion of ICAs cash and cash



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 15/20

---



| | PRESS RELEASE
| | -------------

equivalents has been pledged to obtain letters of credit required by clients to secure project advances and performance on various projects.

The interest coverage ratio (Adjusted EBITDA/net interest expense, including capitalized interest) was 10.14 in the fourth quarter of 2005, compared to 12.13 in the same period of the prior year. The decrease in the coverage
  ratio is a result of the increase in debt. The leverage ratio (total debt/equity) fell to 0.82 as of December 31, 2005, as compared to 1.31 at the close of 2004.

CAPEX and Divestments

Capital expenditures, including investments in fixed assets and deferred expenses, totaled Ps. 234 million in the fourth quarter of 2005, same amount registered in 2004. For the year 2005, capital expenditures totaled Ps. 993
million, compared to Ps. 1,080 million in 2004.

Divestments during 2005 were Ps. 549 million. The main divestments during the year were the sale of 40 percent of the municipal water treatment affiliate CIMA to ICAs partner Proactiva Medio Ambiente, the previously
discussed sale of adjudicated land rights in Queretaro, and the sale of construction machinery.

CONFERENCE CALL INVITATION

ICA invites you to participate in a conference call on Tuesday February 28, at 9:00 a.m. (EST). In order to participate, please call (800) 936-9754 from the U.S. or +1 (973) 935-2048 internationally, 5 to 10 minutes before
the scheduled time. The reference code is 7044594. A taped replay will be available until midnight on March 7 by calling (877) 519-4471 from the U.S. or +1 (973) 341-3080 internationally, with the same reference code.

The financial information in this release is unaudited and is prepared in accordance with Mexican GAAP. Figures are presented in constant Mexican pesos (Ps.) of December 31, 2005 purchasing power. The exchange rate used
for the conversion of amounts at December 31, 2005 was Ps. 10.60 per U.S. dollar.

This press release may contain projections or other forward-looking statements related to ICA that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially
from actual future results or events. Factors that could cause actual results to differ materially and adversely include, but are not limited to: changes in general economic, business or political or other conditions in Mexico or changes in general
economic or business conditions in Latin America, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, increased costs, unanticipated increases in financing and other



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 16/20

---



| | PRESS RELEASE
| | -------------

costs or the inability to obtain additional debt or equity financing on attractive terms. Readers are referred to the documents filed by ICA with the United States Securities and Exchange Commission, specifically the most recent filing on Form 20-F which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.

Empresas ICAwas founded in 1947. ICAs principal lines of business are construction and engineering; housing; and infrastructure operations, including airports, toll
  roads, and municipal services. For more information please visit www.ica.com.mx.

Three Tables Follow



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 17/20

---



| | PRESS RELEASE
| | -------------

Empresas ICA, S.A. de C.V. Consolidated Statement of Income(Millions of Constant Pesos)

|                                                 |  |     | Three Months Ended |     |        | Twelve Months Ended
|------------------------------------------------ |  | --- | ------------------ | --- | ------ | -------------------
|                                                 |  |     | December 31        |     |        | December 31        
|                                                 |  |     |                    |     |        |                    
|                                                 |  |     | 4Q04               |     | 4Q05   |                    
|                                                 |  |     |                    |     |        |                    
|Net Sales                                        |  | Ps. | 3,736              | Ps. | 5,121  |                    
|Cost of Sales                                    |  |     | 3,238              |     | 4,470  |                    
|Gross Profit                                     |  |     | 498                |     | 651    |                    
|Operating Expenses                               |  |     | 281                |     | 354    |                    
|                                                 |  |     |                    |     |        |                    
|Operating Income                                 |  |     | 217                |     | 296    |                    
|Interest (Income)                                |  |     | (113)              |     | (128)  |                    
|Interest Expense                                 |  |     | 71                 |     | 91     |                    
|Loss ( Gain ) in Foreign Exchange                |  |     | (7)                |     | 11     |                    
|Loss ( Gain ) in Monetary Position               |  |     | (56)               |     | 9      |                    
|                                                 |  |     |                    |     |        |                    
|Total Financing (Gain) Cost                      |  |     | (105)              |     | (17)   |                    
|Income After Financing (Gain) Cost               |  |     | 322                |     | 313    |                    
|Other (Income) Loss Net                          |  |     | (53)               |     | (69)   |                    
|Income Before Taxes and                          |  |     |                    |     |        |                    
|Employees' Profit Sharing                        |  |     | 375                |     | 382    |                    
|Reserve for Taxes and                            |  |     |                    |     |        |                    
|Employees' Profit Sharing                        |  |     | 225                |     | 151    |                    
|                                                 |  |     |                    |     |        |                    
|Net Income After Taxes and                       |  |     |                    |     |        |                    
|Employees' Profit Sharing                        |  |     | 150                |     | 232    |                    
|                                                
|Share in Net Income of Unconsolidated Affiliates |  |     | 161                |     | 24     |                    
|                                                 |  |     |                    |     |        |                    
|                                                
|Net Consolidated Income                          |  |     | 311                |     | 255    |                    
|Net Income of Minority Interest                  |  |     | 48                 |     | 42     |                    
|                                                 |  |     |                    |     |        |                    
|Net Income of Majority Interest                  |  |     | 262                |     | 213    |                    
|                                                 |  |     |                    |     |        |                    
|EBITDA                                           |  |     | 442                |     | 489    |                    
|                                                 |  |     |                    |     |        |                    
|EBITDA margin                                    |  |     | 11.8%              |     | 9.6%   |                    
|                                                
|Primary: weighted average shares ( millions)     |  |     | 310.84             |     | 402.66 |                    
|EPS:                                             |  |     | 0.84               |     | 0.53   |                    



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 18/20

---



| | PRESS RELEASE
| | -------------



|                                            | (Millions of Constant Pesos) |        |                  
|------------------------------------------- | ---------------------------- | ------ | -----------------
|                                           
|                                            |                              |        | December 31, 2005
|                                            |                              |        |                  
|                                            | December 31,                 |        |                  
|                                            |                              |        |                  
|                                            | 2004                         | 2005   | GACN             
|                                            |                              |        |                  
|Assets                                      |                              |        |                  
|Cash and Cash Equivalents                   | 3,545                        | 6,264  | 1,657            
|Trade and Contract Receivables              | 3,211                        | 3,528  | 220              
|Inventories                                 | 1,228                        | 727    | -                
|Other Receivables                           | 1,276                        | 1,319  | 108              
|Other Current Assets                        | 252                          | 246    | 26               
|                                            |                              |        |                  
|Total Current Assets                        | 9,513                        | 12,083 | 2,011            
|Trade and Contract Receivables              | 4,395                        | 7,871  | 122              
|Investment in Subsidiaries & Affiliated Co. | 1,013                        | 362    | -                
|Other Investments                           | 3,245                        | 7,544  | 4,389            
|Concessions                                 | 3,136                        | 7,446  | 4,389            
|Long term Land Inventories                  | 108                          | 98     | -                
|                                            |                              |        |                  
|Long Term Assets                            | 8,653                        | 15,776 | 4,512            
|Property, Plant and Equipment Net           | 1,189                        | 2,526  | 1,418            
|Other Assets                                | 1,418                        | 641    | 60               
|                                            |                              |        |                  
|Total                                       | 20,773                       | 31,027 | 8,001            
|Liabilities and Stockholders' Equity        |                              |        |                  
|Accounts Payable                            | 2,245                        | 2,457  | 1                
|Current Debt                                | 1,540                        | 515    | 2                
|Other Current Liabilities                   | 4,023                        | 4,357  | 288              
|                                            |                              |        |                  
|Total Current Liabilities                   | 7,808                        | 7,329  | 291              
|Long-Term Debt                              | 6,370                        | 9,989  | 1,331            
|Other Noncurrent Liabilities                | 556                          | 880    | 536              
|                                            |                              |        |                  
|Total Liabilities                           | 14,734                       | 18,198 | 2,158            
|Stockholders' Equity                        | 6,038                        | 12,829 | 5,843            
|                                            |                              |        |                  
|Total                                       | 20,773                       | 31,027 | 8,001            
|                                           
|Current Ratio                               | 1.22                         | 1.65   | 6.91             
|Cash / Current Debt                         | 2.30                         | 12.16  | 828.49           
|Total Debt                                  | 7,910                        | 10,504 | 1,333            
|Net Interest Coverage (EBITDA/Net Interest) | 12.13                        | 10.14  |                  
|Leverage (Total Liabilities / Equity)       | 2.44                         | 1.42   | 0.37             
|Leverage (Debt / Equity)                    | 1.31                         | 0.82   | 0.23             



|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 19/20

---



| | PRESS RELEASE
| | -------------

Empresas ICA, S.A. de C.V. Consolidated Segment Information (Millions of Constant Pesos)

|                                                              |       |  |        |  |       |  |            |  |       |  | Construction |  |       |  |       |  |          |  |        |  |        |  | Housing |  | Infrastructure Operation |  | Other * |  | Total Consolidated
|------------------------------------------------------------- | ----- |  | ------ |  | ----- |  | ---------- |  | ----- |  | ------------ |  | ----- |  | ----- |  | -------- |  | ------ |  | ------ |  | ------- |  | ------------------------ |  | ------- |  | ------------------
|                                                              |       |  |        |  |       |  |            |  |       |  |              |  |       |  |       |  |          |  |        |  |        |  |         |  |                          |  |         |  |                   
|                                                              |       |  | Civil  |  |       |  | Industrial |  |       |  | Rodio        |  |       |  |       |  | Subtotal |  |        |  |        |  |         |  |                          |  |         |  |                   
|Quarter                                                       | IV-04 |  | IV-05  |  | % var |  | IV-04      |  | IV-05 |  | % var        |  | IV-04 |  | IV-05 |  | % var    |  | IV-04  |  | IV-05  |  | % var   |  | IV-04                    |  | IV-05   |  | % var             
|Revenues                                                      | 1,235 |  | 2,260  |  | 83%   |  | 1,327      |  | 2,010 |  | 52%          |  | 710   |  | 499   |  | -30%     |  | 3,272  |  | 4,769  |  | 46%     |  | 329                      |  | 284     |  | -14%              
|Operating Income                                              | 75    |  | 197    |  |       |  | 92         |  | 140   |  |              |  | 37    |  | (8)   |  | 204      |  | 330    |  |        |  | 29      |  | 23                       |  |         |  | (1)               
|Depreciation & Amortization                                   | 118   |  | 116    |  |       |  | 19         |  | 23    |  |              |  | 39    |  | 15    |  |          |  | 175    |  | 154    |  |         |  | 1                        |  | 12      |  |                   
|Net Majority Income                                           | 206   |  | 146    |  |       |  | 38         |  | 37    |  |              |  | 10    |  | 1     |  |          |  | 254    |  | 184    |  |         |  | 30                       |  | 13      |  |                   
|EBITDA                                                        | 193   |  | 313    |  |       |  | 110        |  | 163   |  |              |  | 76    |  | 7     |  |          |  | 379    |  | 484    |  |         |  | 30                       |  | 35      |  |                   
|                                                             
|Operating Margin                                              | 6.1%  |  | 8.7%   |  |       |  | 6.9%       |  | 7.0%  |  |              |  | 5.3%  |  | -1.6% |  |          |  | 6.2%   |  | 6.9%   |  |         |  | 8.8%                     |  | 8.1%    |  |                   
|                                                             
|Total Assets                                                  | 8,050 |  | 12,079 |  |       |  | 4,736      |  | 3,610 |  |              |  | 2,091 |  | 1,868 |  |          |  | 14,876 |  | 17,557 |  |         |  | 1,042                    |  | 1,162   |  |                   
|                                                             
|Debt                                                          | 4,934 |  | 6,132  |  |       |  | 681        |  | 214   |  |              |  | 160   |  | 219   |  |          |  | 5,775  |  | 6,565  |  |         |  | 289                      |  | 123     |  |                   
|Stockholder's Equity                                          | 1,065 |  | 2,622  |  |       |  | 1,044      |  | 766   |  |              |  | 498   |  | 466   |  |          |  | 2,607  |  | 3,855  |  |         |  | 611                      |  | 798     |  |                   
|                                                             
|CAPEX                                                         | 102   |  | 115    |  |       |  | 91         |  | 62    |  |              |  | 92    |  | 32    |  |          |  | 284    |  | 209    |  |         |  | -                        |  | 12      |  |                   
|                                                             
|January - December                                            | 2004  |  | 2005   |  | % var |  | 2004       |  | 2005  |  | % var        |  | 2004  |  | 2005  |  | % var    |  | 2004   |  | 2005   |  | % var   |  | 2004                     |  | 2005    |  | % var             
|Revenues                                                      | 4,560 |  | 7,044  |  | 54%   |  | 4,611      |  | 7,552 |  | 64%          |  | 2,435 |  | 2,331 |  | -4%      |  | 11,606 |  | 16,927 |  | 46%     |  | 903                      |  | 1,088   |  | 20%               
|Operating Income                                              | 278   |  | 446    |  |       |  | 40         |  | 494   |  |              |  | 89    |  | 63    |  |          |  | 406    |  | 1,004  |  |         |  | 84                       |  | 92      |  |                   
|Depreciation & Amortization                                   | 639   |  | 403    |  |       |  | 42         |  | 111   |  |              |  | 69    |  | 71    |  |          |  | 749    |  | 585    |  |         |  | 3                        |  | 31      |  |                   
|Net Income                                                    | 290   |  | 462    |  |       |  | 18         |  | 189   |  |              |  | 22    |  | 21    |  |          |  | 330    |  | 672    |  |         |  | 88                       |  | 48      |  |                   
|EBITDA                                                        | 917   |  | 849    |  |       |  | 82         |  | 605   |  |              |  | 157   |  | 134   |  |          |  | 1,156  |  | 1,588  |  |         |  | 87                       |  | 122     |  |                   
|                                                             
|Operating Margin                                              | 6.1%  |  | 6.3%   |  |       |  | 0.9%       |  | 6.5%  |  |              |  | 3.6%  |  | 2.7%  |  |          |  | 3.5%   |  | 5.9%   |  |         |  | 9.3%                     |  | 8.4%    |  |                   
|                                                             
|Total Assets                                                  | 8,050 |  | 12,079 |  |       |  | 4,736      |  | 3,610 |  |              |  | 2,091 |  | 1,868 |  |          |  | 14,876 |  | 17,557 |  |         |  | 1,042                    |  | 1,162   |  |                   
|                                                             
|Debt                                                          | 4,934 |  | 6,132  |  |       |  | 681        |  | 214   |  |              |  | 160   |  | 219   |  |          |  | 5,775  |  | 6,565  |  |         |  | 289                      |  | 123     |  |                   
|Stockholder's Equity                                          | 1,065 |  | 2,622  |  |       |  | 1,044      |  | 766   |  |              |  | 498   |  | 466   |  |          |  | 2,607  |  | 3,855  |  |         |  | 611                      |  | 798     |  |                   
|                                                             
|CAPEX                                                         | 747   |  | 173    |  |       |  | 166        |  | 126   |  |              |  | 120   |  | 96    |  |          |  | 1,033  |  | 396    |  |         |  | 7                        |  | 24      |  |                   
|                                                             
|                                                             
|* includes: Real Estate, corporate companies and eliminations |       |  |        |  |       |  |            |  |       |  |              |  |       |  |       |  |          |  |        |  |        |  |         |  |                          |  |         |  |                   





|                   |                |      
|------------------ | -------------- | -----
|INVESTOR RELATIONS | www.ica.com.mx | 20/20

---





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 28, 2006

| | Empresas ICA, S.A. de C.V.    
| | ------------------------------
| |                               
| | /s/ JOSE LUIS GUERRERO        
| | Name: Dr. José Luis Guerrero  
| | Title: Vice President, Finance







---