# FORM 6-K
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# Report of Foreign Private Issuer

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

For the month
  of February, 2005 Commission File Number 1-11080

THE ICA CORPORATION
HOLDING COMPANY(Translation of registrants name into English)

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

Form 20-F....X.....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...X...

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

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|ICA LOGO | PRESS
        RELEASE
|-------- | ---------------------
|        

|For more information contact:
      Ing. Alonso Quintana(5255) 5272-9991 x3653alonso.quintana@ica.com.mx
      Lic. Paloma Grediaga(5255) 5272-9991 x3664paloma.grediaga@ica.com.mx | in the United States: Zemi Communications
      Daniel Wilson
        (212) 689-9560d.b.m.wilson@zemi.com
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------



# 



ICA REPORTS UNAUDITED FOURTH QUARTER AND FULL YEAR 2004 RESULTS



Mexico City, February 25, 2005  Empresas ICA Sociedad Controladora, 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 2004. ICA noted the following highlights:

| | Fourth quarter revenues rose Ps. 1,116 million, or 38 percent, to Ps. 4,019 million, compared to Ps. 2,903 million recorded in the fourth quarter of 2003.                                                                                                                                                                                                                 
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | General and administrative expenses were reduced to 7.6 percent of revenues in the fourth quarter of 2004, compared to 9.3 percent in the prior year period. For the fourth quarter of 2004 total general and administrative expenses were Ps. 306 million, compared to Ps. 269 million in the same period of the prior year, an increase of Ps. 37 million, or 14 percent.
| | Operating income for the fourth quarter of 2004 was Ps. 226 million, an increase of Ps. 139 million compared to Ps. 88 million in the same period of 2003.                                                                                                                                                                                                                 
| | During the quarter, ICA was awarded new contracts and net contract additions of Ps. 9.531 million. ICAs consolidated construction backlog as of December 31, 2004 was Ps. 21,319 million, equivalent to 18 months of work.                                                                                                                                                
| | During the fourth quarter of 2004, participation in net income from unconsolidated affiliates was Ps. 161 million, principally as a result of an agreement for the recognition of additional costs related to the construction of the Caruachi hydroelectric project in Venezuela with CVG Electrificación del Caroni (EDELCA).                                            
| | Total debt at the end of the fourth quarter was Ps. 8.061 million, an increase of Ps. 2,574 million compared to the Ps. 5,487 million recorded 12 months earlier. Excluding the debt of the El Cajón project, the companys debt fell by Ps. 1,415 million over the past 12 months.                                                                                        





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| | ICA recorded net income of majority interest of Ps. 257 million in the fourth quarter of 2004, compared to a loss of Ps. 133 million in the fourth quarter of 2003. This is the second consecutive quarter of net income.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | For 2004, ICA recorded net income of majority interest of Ps. 93 million, compared to a loss of Ps. 1,108 million in 2003.                                                                                               

CONSOLIDATED RESULTS

Fourth Quarter 2004

|(Ps. million)                                 | 4Q2003   | 4Q2004   | Change (%)
|--------------------------------------------- | -------- | -------- | ----------
|Revenues                                      | 2,903    | 4,019    | 38        
|Operating income                              | 88       | 226      | 157       
|Operating margin                              | 3.0%     | 5.6%     |           
|EBITDA                                        | 387      | 472      | 22        
|EBITDA margin                                 | 13.2%    | 11.7%    |           
|Net income (loss) of majority interest        | (133)    | 257      |           
|Earnings per share (Ps.)                      | (0.12)   | 0.14     |           
|Weighted average shares outstanding (million) | 1,141.28 | 1,865.05 | 63        

EBITDA = Operating income plus depreciation and amortization. EBITDA is neither a measure of financial performance nor an indicator of free cash flow generation under Mexican or U.S. GAAP. Other companies may define EBITDA differently.



ICA recorded fourth quarter revenues of Ps. 4,019 million, a 38 percent increase from fourth quarter 2003 levels. The El Cajón hydroelectric project accounted for 20 percent of total revenues and was 46.5 percent complete as of December 31, 2004. During the fourth quarter, revenues from Mexico represented 79 percent of total revenues. Revenues in foreign currency, principally U.S. dollars, accounted for 69 percent of the total.

Fourth quarter cost of sales were Ps. 3,487 million, an increase of 37 percent compared to Ps. 2,546 million in the same period of 2003. The increase in operating costs principally reflected the increase in sales. Cost of sales were 87 percent of sales, a decrease from 88 percent in the fourth quarter of 2003. CIISA, the consortium constructing El Cajon, is in negotiations with the Federal Electricity Commission (CFE) regarding recognition of increased prices for steel for El Cajón, in accordance with the guidelines published by the Federal Comptrollers Office. In order to reach a conciliated resolution, CIISA has petitioned an intervention by the Comptrollers Office.

General and administrativeexpenses in the fourth quarter of 2004 totaled Ps. 306 million, 14 percent above the Ps. 269 million registered during the fourth quarter of 2003.



Operating income during the fourth quarter of 2004 was Ps. 226 million, an increase of Ps. 138 million, or 157 percent, compared to Ps. 88 million recorded during the same quarter of 2003.



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EBITDA generated in the fourth quarter of 2004 was Ps. 472 million, or 11.7 percent of revenues, representing an increase of Ps. 85 million over the Ps. 387 million in EBITDA generated in the fourth quarter of 2003. EBITDA should not be considered as an indicator of free cash flow under Mexican or U.S. GAAP; other companies may define EBITDA differently.

The integral financing gain in the fourth quarter of 2004 was Ps. 102 million, compared to a Ps. 60 million cost recorded in the fourth quarter of 2003, and consisted of the following:

|(Ps. million)                  | 4Q2003 | 4Q2004
|------------------------------ | ------ | ------
|Interest Expense               | 141    | 79    
|Interest (Income)              | (42)   | (117) 
|                              
|Exchange (Gain) Loss           | 2      | (8)   
|Monetary (Gain) Loss           | (41)   | (56)  
|Integral Financing (Gain) Cost | 60     | (102) 



The decrease in interest expense to Ps. 79 million in the fourth quarter of 2004 compared to Ps. 141 million in the same period of 2003 is the result of a decrease in short term debt and the refinancing of long term debt at lower rates. Interest income in the 2004 period includes US$ 7.5 million in accrued interest resulting from arbitration award made in August, 2004 by the Center of Conciliation and Arbitration of the Panama Chamber of Commerce.There was an exchange gain of Ps. 8 million, compared to a Ps. 2 million exchange loss in the fourth quarter of 2003. The weighted average interest rate on debt was 10.6 percent during the quarter, compared to 10.7 percent registered during the same period in 2003, taking into account interest expense included in the direct costs of financed projects.



Other Income was a gain of Ps. 51 million, principally as a result of divestments.

The tax provision in the fourth quarter of 2004 was Ps. 235 million, of which Ps. 162 million were deferred taxes, Ps. 56 was income tax, and Ps. 17 million was employee statutory profit sharing.

ICAs share in the net income of unconsolidated affiliates during the fourth quarter of 2004 was Ps. 161 million, principally as a result of an agreement for the conclusion for the Caruachi hydroelectric project in Venezuela, with CVG Electrificación del Caroni, C.A. (EDELCA). The agreement recognizes income related to the completion of the Caruachi hydroelectric project. EDELCA agreed to pay the construction consortium, Dravica, a total of US$ 43 million in additional costs. Of this amount, ICA is entitled to receive US$ 21 million. To date ICA has received US$ 8.3 million.



ICA recorded net income of majority interest of Ps. 257 million in the fourth quarter of 2004, equivalent to Ps. 0.14 per share (US$ 0.07 per ADS) based on 1,865.05 million weighted average shares outstanding, compared to a net loss of majority interest of Ps. 133 million recorded in the fourth quarter of 2003, equivalent to a loss of Ps. 0.12 per share (US$ 0.06 per ADS), based on a weighted average of 1,141.28 million shares outstanding.



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SEGMENT RESULTS

Segment results are shown in the following table:



|(Ps. million)           | 4Q2003 | 4Q2004 | Change (%)
|----------------------- | ------ | ------ | ----------
|Civil Construction      |        |        |           
|Revenues                | 1,106  | 1,335  | 21        
|Operating Margin        | 5.8%   | 6.1%   |           
|Industrial Construction |        |        |           
|Revenues                | 956    | 1,426  | 49        
|Operating Margin        | -3.0%  | 6.3%   |           
|CPC-Rodio               |        |        |           
|Revenues                | 583    | 762    | 31        
|Operating Margin        | 4.0%   | 5.1%   |           
|Other Segments          |        |        |           
|Revenues                | 258    | 496    | 93        
|Operating Margin        | 1.0%   | 0.4%   |           



Civil Constructionrevenues rose, principally as a result of work on the El Cajón hydroelectric project, the Tejocotal-Nuevo Necaxa section of the Mexico-Tuxpan highway, work on the Iztapalapa Hospital in Mexico City, and on the Toluca Airport in the State of Mexico. The operating margin for the segment in the fourth quarter of 2004 was 6.1 percent, compared to a margin of 5.8 percent in the prior year period.

Industrial Constructionrevenues increased principally as a result of new contract awards and advances in the execution of projects. The projects that contributed most to revenues were the marine drilling platforms for the Ku-Maloob-Zaap fields, the Altamira V power generation plant in Tamaulipas, and the liquefied natural gas terminal and storage tanks in Tamaulipas. The operating margin reached 6.3 percent. Operating results in the 2004 period include the reversal of costs of Ps. 33 million in costs related to bid preparation for Package II of the Minatitlán Refinery reconfiguration; because the bid was successful, these are being charged to deferred costs, and will be amortized over the life of the project.

CPC-Rodiogenerated revenues of Ps. 762 million and an operating margin of 5.1 percent, reflecting the improvement in the margin for contracted work, primarily in Spain and Portugal.



|Fourth Quarter 2004
      (Ps. Million) | Revenues                                   | Operating Result | Operating Margin (%)
|--------------------------------------- | ------------------------------------------ | ---------------- | --------------------
|Total Other Segments*                   | 496                                        | 16               | 0.4                 
|Real Estate and Housing                 | 403                                        | 13               | 3.3                 
|Infrastructure Operations               | 97                                         | 1                | 0.8                 
|                                        | *Including corporate consolidation effects |                 
|                                        |                                            |                  |                     





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Other Segmentsaccounted for 12.3 percent of total revenues during the quarter.

Housing and Real Estateresults primarily reflect the operations of the housing unit, ViveICA, which accounted for 86 percent of the segments revenues. ViveICA sold 1,288 units during the quarter, compared to 699 units during the prior year period. It should be noted that this includes sales of 323 units, representing Ps. 91 million in revenue, resulting from a change in the timing for recognizing sales. Units are now reported sold once the documentation has been accepted by Infonavit. Excluding this change, units sold would have increased by 21 percent in the fourth quarter of 2004, compared to the same quarter of 2003.

The real estate unit reported sales of Ps. 56 million, and an operating loss that reduced the segments profitability. The segment reported an overall operating profit of Ps. 13 million, with a margin of 3.3 percent.

Infrastructure Operationssales decreased to Ps. 97 million in the fourth quarter of 2004 compared to Ps. 128 million the fourth quarter of 2003, primarily as a result of asset divestments. The segments operating result was Ps. 1 million, with a 0.8 percent margin, compared to 25.6 percent during the fourth quarter of 2003, which reflected the sale of land in ICA Panama.

CONSTRUCTION BACKLOG

|                                                                                     | Ps. million | Months Construction Equivalent*
|------------------------------------------------------------------------------------ | ----------- | -------------------------------
|Balance, September 2004                                                              | 15,311      | 13                             
|New contracts and contract additions                                                 | 9,531       | 8                              
|Work executed                                                                        | 3,523       | 3                              
|Balance, December 2004                                                               | 21,319      | 18                             
|* Months of work based on the volume of work executed in the fourth quarter of 2004.



ICA had new contract awards and net contract additions of Ps. 9,531 million during the quarter. The new projects added during the fourth quarter of 2004 included Package II of the Minatitlán refinery reconfiguration project, new Rodio projects, the Federal Justice Building in Puebla for the Federal Judiciary Council, the IMSS General Hospital in Cancun, the José Vasconcelos Library in Mexico City, and work on a portion of the terminal expansion for Mexico Citys International airport.



At the end of the fourth quarter, projects in Mexico represented 97 percent of the total backlog, and public sector clients were 79 percent of the total. Seventy-nine percent of the projects in backlog are for public sector clients, and 21 percent for private sector clients.



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El Cajón Hydroelectric Project

The following table summarizes the main financial statement accounts of the El Cajón Hydroelectric project included in ICAs financial statements:



|(Ps. million)                    | 1Q2004 | 2Q2004 | 3Q2004 | 4Q2004
|-------------------------------- | ------ | ------ | ------ | ------
|Income Statement                 |        |        |        |       
|Revenue                          | 676    | 899    | 701    | 788   
|Operating Result                 | 39     | 55     | 40     | 44    
|Operating Margin                 | 6%     | 6%     | 6%     | 6%    
|                                 |        |        |        |       
|Balance Sheet                    |        |        |        |       
|Total Assets                     | 4,367  | 5,154  | 5,530  | 5,909 
|Cash and Cash Equivalents        | 892    | 765    | 448    | 878   
|Inventories                      | 49     | 77     | 122    | 44    
|Other Current Assets             | 22     | 18     | 46     | 55    
|Total Current Assets             | 1,108  | 1,013  | 752    | 1,110 
|Long Term Assets                 | 2,719  | 3,696  | 4,279  | 4,268 
|Long Term Accounts Receivable    | 1,537  | 2,476  | 3,093  | 3,756 
|Long Term Securities Investments | 1,182  | 1,219  | 1,187  | 512   
|Total Liabilities                | 4,272  | 5,019  | 5,386  | 5,738 
|Current Liabilities              | 472    | 502    | 531    | 486   
|Long Term Liabilities            | 3,704  | 4,376  | 4,650  | 5,015 
|Other Liabilities                | 96     | 142    | 206    | 237   
|Equity                           | 95     | 134    | 144    | 171   



The El Cajón hydroelectric project was 46.5 percent complete as of December 31, 2004, and during the fourth quarter generated Ps. 788 million in revenues and Ps. 44 million in operating income, with a 6 percent operating margin.

CIISA is still in negotiations with the Federal Electricity Commission (CFE) regarding the recognition of increased prices for steel, in accordance with the guidelines published by the Federal Comptrollers Office. In order to reach a conciliated resolution, CIISA has petitioned an intervention by the Comptrollers Office.

At the close of the fourth quarter, US$ 319.7 million in long term financing for the project has been disbursed, or 47 percent of the long term financing of US$ 682.4 million from the syndicated loan and the 144A bond.

Total liabilities attributable to El Cajón rose to Ps. 5,738 million, of which 8.5 percent was short term and 91.5 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.











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TWELVE MONTH CONSOLIDATED RESULTS



January  December



|(Ps. million)                                 | Jan-Dec 2003 | Jan-Dec 2004 | Change (%)
|--------------------------------------------- | ------------ | ------------ | ----------
|Revenues                                      | 9,903        | 13,098       | 32        
|                                             
|Operating income                              | 43           | 522          | 1,125     
|Operating margin                              | 0.4%         | 4.0%         |           
|                                             
|EBITDA                                        | 614          | 1,444        | 135       
|EBITDA margin                                 | 6.2%         | 11.0%        |           
|                                             
|Net (loss) income of majority interest        | (1,108)      | 93           |           
|Earnings per share (Ps.)                      | (1.63)       | 0.05         |           
|Weighted average shares outstanding (million) | 680.64       | 1,861.06     | 173       

EBITDA = Operating income plus depreciation and amortization. EBITDA is neither a measure of financial performance nor an indicator of free cash flow generation under Mexican or U.S. GAAP. Other companies may define EBITDA differently.



Revenues increased 32 percent to Ps. 13,098 million in the first twelve months of 2004 compared to Ps. 9,903 million in the same period of 2003. Operating income was Ps. 522 million, compared to Ps. 43 million in the same period of 2003.

EBITDA in 2004 reached Ps. 1,444 million, an increase of Ps. 830 million or 135 percent compared to the Ps. 614 million in 2003. EBITDA margin for the period increased to 11 percent from 6.2 percent in the prior year period. EBITDA should not be considered as an indicator of free cash flow under Mexican or U.S. GAAP; other companies may define EBITDA differently.

Net income of majority interest was Ps. 93 million in 2004, an increase of Ps. 1,202 million compared to a loss of Ps. 1,108 million recorded in 2003. Earnings per share in 2004 were Ps. 0.05 (US$ 0.03 per ADR), based on 1,861.06 million weighted average shares outstanding, compared to a loss per share of Ps. 1.63 (US$ 0.88 per ADR) based on 680.64 million weighted average shares outstanding during 2003.







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BALANCE SHEET



|(Ps. million; end of period)        | 2003   | 2004   | Change (%)
|----------------------------------- | ------ | ------ | ----------
|Current assets                      | 8,374  | 9,582  | 14        
|Of which: Cash and cash equivalents | 3,888  | 3,540  | (9)       
|Accounts receivable                 | 2,210  | 3,206  | 45        
|Long term investments               | 5,432  | 8,556  | 58        
|Property, plant and equipment       | 1,368  | 1,187  | (13)      
|Other long term assets              | 1,329  | 1,415  | 7         
|Total assets                        | 16,501 | 20,741 | 26        
|                                   
|Current liabilities                 | 7,267  | 7,796  | 7         
|Long term liabilities               | 3,710  | 6,916  | 94        
|Total liabilities                   | 10,977 | 14,712 | 34        
|                                   
|Shareholders equity                | 5,525  | 6,029  | 9         
|                                   
|Total liabilities and equity        | 16,502 | 20,741 | 26        



As of December 31, 2004, ICA had cash and equivalents of Ps. 3,540 million, a decrease of 9 percent compared to Ps. 3,888 million in December 31, 2003. Of total cash and short term cash equivalents, 83 percent was in ICAs joint venture subsidiaries: 54 percent in ICA Fluor, 25 percent in El Cajón, and 3 percent in Rodio. The remaining 17 percent of the total, or Ps. 619 million, was held at the parent company or in other operating subsidiaries. Of total cash at year-end 2004, 55 percent represented advances from clients.

Short-term accounts receivable increased to Ps. 3,206 million as of December 31, 2004 from Ps. 2,210 million a year earlier, primarily as a result of the contracting mechanisms used by ICA. Collections are tied to meeting project completion milestones, since contract terms generally do not provide for client advances. Accounts receivable related to such projects include Ps. 9 million for access roads to the El Cajón project, in the Civil Construction segment, and Ps. 662 million in the Industrial Construction segment made up by Ps. 413 million for the Chicontepec oilfield project, Ps. 217 million for the marine platforms, and Ps. 32 million for Package II of the Minatitlán refinery reconfiguration.

Long term investments and accounts receivable on ICAs balance sheet include the certifications for completed work on the El Cajón hydroelectric project, reflecting advances in the construction of the project, as well as long term investments totaling Ps. 4,182 million.

Total liabilities increased Ps. 3,678 million to Ps. 14,654 million at the end of December 2004 from Ps. 10,976 million at the end of December 2003 as a result of the combined effect of the reduction of short and long term debt as well as the borrowing for El Cajóns financing. This increase also reflects the refinancing of short term debt to long term. In addition, the Industrial Construction segment has contracted Ps. 680 million in working capital financing for the Ku-Maloob-Zaap marine drilling platforms at the close of the fourth quarter.



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Shareholders equity was Ps. 6,029 million as of December 31, 2004 as compared to Ps. 5,525 million at the close of 2003. The increase in capital compared to the prior year balance reflects the capital increase that was completed in the first quarter, as well as results during 2004.

Debt

Total debt at the end of the fourth quarter was Ps. 8,061 million, an increase of Ps. 2,574 million compared to the Ps. 5,487 million recorded 12 months earlier. Excluding the debt of the El Cajón project, the companys debt fell by Ps. 1,415 million.



US$ 319.2 million of the El Cajón financing has been used by ICA.



|(Ps. million)                   | 4Q2003 | 4Q2004
|------------------------------- | ------ | ------
|Short Term Debt                 | 2,185  | 1,601 
|Long Term Debt                  | 3,384  | 6,459 
|Total Debt                      | 5,569  | 8,061 
|Of which: El Cajón Project Debt | 957    | 4,864 
|                                |        |       
|Total Debt, excluding El Cajón  | 4,611  | 3,196 
|                                |        |       
|Cash                            | 3,888  | 3,540 
|Cash, excluding El Cajón        | 3,735  | 2,662 
|Net Debt                        | 1,680  | 4,521 
|Net Debt, excluding El Cajón    | 876    | 534   



Eighty-four percent of ICAs total debt, or Ps. 6,774 million, corresponds to projects; 11 percent, or Ps. 904 million, was corporate debt; and 5 percent, or Ps. 383 million, is operating company debt.



As of December 31, 2004, 20 percent of ICAs total debt matured in less than one year; 34 percent is securities debt; and 79 percent is denominated in foreign currency, principally dollars.



Liquidity and Financial Ratios



The current ratio as of the end of the fourth quarter of 2004 increased to 1.24, compared to 1.15 in 2003. The improvement is the result of the closing of financing for the El Cajón hydroelectric project, the payment of the convertible bond, and the refinancing of short term debt. Part of ICAs cash and cash equivalents has been pledged to obtain the letters of credit needed to guarantee ICAs obligations, which has increasingly been required by clients.



The interest coverage ratio (EBITDA/net interest) was 5.26, compared to 3.89 in the same period of last year. The leverage ratio (total debt/equity) increased to 1.34 in 2004, compared to 0.99 in 2003.







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CONFERENCE CALL INVITATION

ICA invites you to participate in a conference call on Monday, February 28th at 4:00 p.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 5707811. A taped replay will be available until midnight on March 7thby calling (877) 519-4471 from the U.S. or +1 (973) 341-3080 internationally, with the same reference code.



Financial information is unaudited and is prepared in accordance with Mexican GAAP. Figures are presented in Mexican pesos (Ps.) of December 31, 2004 purchasing power. The exchange rate used for the conversion of amounts at December 31, 2004 was Ps. 11.16 per U.S. dollar. The sum of line items may not match totals because of rounding.



This 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 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.



ICA was founded in México in 1947. ICA has completed construction and engineering projects in 21 countries. ICAs principal business units include civil construction and industrial construction. Through its subsidiaries, ICA also develops housing, manages airports, and operates tunnels, highways, and municipal services under government concession contracts and/or partial sale of long-term contract rights.



Three Tables Follow





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|                                                   |  |     |  |          |  | (Millions of Constant Pesos) |  |             |  |             |  |        |  | (Millions of Constant Pesos) |  |        
|-------------------------------------------------- |  | --- |  | -------- |  | ---------------------------- |  | ----------- |  | ----------- |  | ------ |  | ---------------------------- |  | -------
|                                                   |  |     |  |          |  | Three Months Ended           |  |             |  |             |  |        |  | Twelve Months Ended          |  |        
|                                                   |  |     |  |          |  |                              |  | December 31 |  |             |  |        |  |                              |  |        
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|                                                   |  |     |  | IV-03    |  |                              |  | IV-04       |  | US$ Million |  |        |  | 2003                         |  |        
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Revenues                                           |  | Ps. |  | 2,903    |  | Ps.                          |  | $4,019      |  | US$         |  | 360    |  | Ps.                          |  | 9,903  
|Cost of Sales                                      |  |     |  | 2,546    |  |                              |  | 3,487       |  |             |  | 312    |  |                              |  | 8,912  
|Gross Profit                                       |  |     |  | 357      |  |                              |  | 533         |  |             |  | 48     |  |                              |  | 990    
|Operating Expenses                                 |  |     |  | 269      |  |                              |  | 306         |  |             |  | 27     |  |                              |  | 948    
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Operating Income                                   |  |     |  | 88       |  |                              |  | 226         |  |             |  | 20     |  |                              |  | 43     
|Interest (Income)                                  |  |     |  | (42)     |  |                              |  | (117)       |  |             |  | 7      |  |                              |  | (144)  
|Interest Expense                                   |  |     |  | 141      |  |                              |  | 79          |  |             |  | (10)   |  |                              |  | 553    
|Loss ( Gain ) in Foreign Exchange                  |  |     |  | 2        |  |                              |  | (8)         |  |             |  | (1)    |  |                              |  | 66     
|Loss ( Gain ) in Monetary Position                 |  |     |  | (41)     |  |                              |  | (56)        |  |             |  | (5)    |  |                              |  | (90)   
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Total Financing (Gain) Cost                        |  |     |  | 60       |  |                              |  | (102)       |  |             |  | (9)    |  |                              |  | 385    
|Income After Financing (Gain) Cost                 |  |     |  | 28       |  |                              |  | 328         |  |             |  | 29     |  |                              |  | (342)  
|Other (Income) Expense, Net                        |  |     |  | 171      |  |                              |  | (51)        |  |             |  | (5)    |  |                              |  | 285    
|Income Before Taxes and                            |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Employees' Profit Sharing                          |  |     |  | (143)    |  |                              |  | 379         |  |             |  | 34     |  |                              |  | (627)  
|Reserve for Taxes and                              |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Employees' Statutory Profit Sharing                |  |     |  | 5        |  |                              |  | 235         |  |             |  | 21     |  |                              |  | 347    
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Share in Net Income (Loss) of Unconsolidated       |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Affiliates                                         |  |     |  | (5)      |  |                              |  | 161         |  |             |  | 14     |  |                              |  | (173)  
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Income (Loss) in Discontinued Operations           |  |     |  |          |  |                              |  | -           |  |             |  | -      |  |                              |  |        
|Net Consolidated Income (Loss)                     |  |     |  | (153)    |  |                              |  | 305         |  |             |  | 27     |  |                              |  | (1,147)
|Net Income (Loss) of Minority Interest             |  |     |  | (20)     |  |                              |  | 48          |  |             |  | 4      |  |                              |  | (39)   
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|Net Income (Loss) of Majority Interest             |  |     |  | (133)    |  |                              |  | 257         |  |             |  | 23     |  |                              |  | (1,108)
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|                                                  
|EBITDA (Operating Income + Depreciation            |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|& Amortization)                                    |  |     |  | 387      |  |                              |  | 472         |  |             |  | 42     |  |                              |  | 614    
|                                                   |  |     |  |          |  |                              |  |             |  |             |  |        |  |                              |  |        
|                                                   |  |     |  | 13.3%    |  |                              |  | 11.7%       |  |             |  |        |  |                              |  | 6.2%   
|                                                  
|Primary: weighted average shares ( millions)       |  |     |  | 1,141.28 |  |                              |  | 1,865.05    |  |             |  | 0.6342 |  |                              |  | 680.64 
|EPS:                                               |  |     |  | (0.12)   |  | -0.06                        |  | 0.14        |  | US$         |  | 0.07   |  |                              |  | (1.63) 
|                                                  
|Fully diluted: weighted average shares ( millions) |  |     |  | 659.14   |  |                              |  |             |  |             |  |        |  |                              |  | 659.14 
|EPS:                                               |  |     |  | (0.20)   |  | -0.11                        |  |             |  |             |  |        |  |                              |  | (1.68) 





---



|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|------------------------- |  | --- |  | ----- |  | ---------------------------------------------------- |  | ------ |  | ----------- |  | ---
|                          |  |     |  |       |  | (Millions of Constant Pesos)      Three Months Ended |  |        |  |             |  |    
|                          |  |     |  |       |  | December 31                                          |  |        |  |             |  |    
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|                          |  |     |  | IV-03 |  |                                                      |  | IV-04  |  | US$ Million |  |    
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|                         
|Revenues                  |  | Ps. |  | 2,903 |  | Ps.                                                  |  | 4,019  |  | US$         |  | 360
|                         
|Civil Constuction         |  |     |  | 1,106 |  |                                                      |  | 1,335  |  |             |  | 120
|Industrial Construction   |  |     |  | 956   |  |                                                      |  | 1,426  |  |             |  | 128
|Rodio                     |  |     |  | 583   |  |                                                      |  | 762    |  |             |  | 68 
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Total Construction        |  |     |  | 2,645 |  |                                                      |  | 3,523  |  |             |  | 316
|                         
|Housing & Real Estate     |  |     |  | 208   |  |                                                      |  | 403    |  |             |  | 36 
|Infrastructure Operations |  |     |  | 128   |  |                                                      |  | 97     |  |             |  | 9  
|Total Other Segments*     |  |     |  | 258   |  |                                                      |  | 496    |  |             |  | 44 
|                         
|                          |  |     |  | IV-03 |  |                                                      |  | IV-04  |  | US Million  |  |    
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Operating Income          |  |     |  | 88    |  |                                                      |  | 226    |  |             |  | 20 
|                         
|Civil Constuction         |  |     |  | 64    |  |                                                      |  | 81     |  |             |  | 7  
|Industrial Construction   |  |     |  | (29)  |  |                                                      |  | 90     |  |             |  | (2)
|Rodio                     |  |     |  | 24    |  |                                                      |  | 39     |  |             |  | 33 
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Total Construction        |  |     |  | 59    |  |                                                      |  | 210    |  |             |  | 21 
|                          |  |     |  |       |  |                                                      |  |        |  |             |  | 26 
|Housing & Real Estate     |  |     |  | 2     |  |                                                      |  | 13     |  |             |  | 26 
|Infrastructure Operations |  |     |  | 33    |  |                                                      |  | 1      |  |             |  | 0  
|Other Segments            |  |     |  | (6)   |  |                                                      |  | 2      |  |             |  | 0  
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Total Other Segments      |  |     |  | 29    |  |                                                      |  | 16     |  |             |  | 1  
|                         
|                          |  |     |  | IV-03 |  |                                                      |  | IV-04  |  |             |  |    
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Operating Margins         |  |     |  | 3.0%  |  |                                                      |  | 5.6%   |  |             |  |    
|                         
|Civil Constuction         |  |     |  | 5.8%  |  |                                                      |  | 6.1%   |  |             |  |    
|Industrial Construction   |  |     |  | -3.0% |  |                                                      |  | 6.3%   |  |             |  |    
|Rodio                     |  |     |  | 4.0%  |  |                                                      |  | 5.1%   |  |             |  |    
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Total Construction        |  |     |  | 2.0%  |  |                                                      |  | 5.2%   |  |             |  |    
|                         
|Housing & Real Estate     |  |     |  | 1.1%  |  |                                                      |  | 3.3%   |  |             |  |    
|Infrastructure Operations |  |     |  | 25.6% |  |                                                      |  | 0.8%   |  |             |  |    
|Other Segments            |  |     |  | 8.0%  |  |                                                      |  | -57.9% |  |             |  |    
|                          |  |     |  |       |  |                                                      |  |        |  |             |  |    
|Total Other Segments      |  |     |  | 1.0%  |  |                                                      |  | 0.4%   |  |             |  |    

---





---

|                                            |  | (Millions of Constant Pesos) |  |       
|------------------------------------------- |  | ---------------------------- |  | ------
|Consolidated Balance Sheet                  |  | December 31                  |  |       
|                                            |  |                              |  |       
|                                            |  | 2003                         |  | 2004  
|                                            |  |                              |  |       
|Assets                                      |  |                              |  |       
|                                            |  |                              |  |       
|Cash and Cash Equivalents                   |  | 3,888                        |  | 3,540 
|Trade and Contract Receivables              |  | 2,210                        |  | 3,206 
|Inventories                                 |  | 1,433                        |  | 1,310 
|Other Receivables                           |  | 645                          |  | 1,274 
|Other Current Assets                        |  | 197                          |  | 252   
|                                            |  |                              |  |       
|Total Current Assets                        |  | 8,374                        |  | 9,582 
|Investment in Concessions, Affiliated       |  |                              |  |       
|Companies and Long-Term Receivables         |  | 5,432                        |  | 8,556 
|Property, Plant and Equipment Net           |  | 1,368                        |  | 1,187 
|Other Assets                                |  | 1,329                        |  | 1,415 
|                                            |  |                              |  |       
|Total                                       |  | 16,502                       |  | 20,741
|Liabilities and Stockholders' Equity        |  |                              |  |       
|Accounts Payable                            |  | 1,193                        |  | 1,716 
|Current Debt                                |  | 2,153                        |  | 1,601 
|Other Current Liabilities                   |  | 3,920                        |  | 4,478 
|                                            |  |                              |  |       
|Total Current Liabilities                   |  | 7,267                        |  | 7,796 
|Long-Term Debt                              |  | 3,334                        |  | 6,459 
|Other Noncurrent Liabilities                |  | 376                          |  | 457   
|                                            |  |                              |  |       
|Total Liabilities                           |  | 10,977                       |  | 14,712
|Stockholders' Equity                        |  | 5,525                        |  | 6,029 
|                                            |  |                              |  |       
|Total                                       |  | 16,502                       |  | 20,741
|                                           
|Current Ratio                               |  | 1.15                         |  | 1.23  
|Cash / Current Debt                         |  | 1.81                         |  | 2.21  
|Total Debt                                  |  | 5,487                        |  | 8,061 
|Net Interest Coverage (EBITDA/Net Interest) |  | 3.91                         |  | 5.40  
|Leverage (Total Liabilities / Equity)       |  | 1.99                         |  | 2.44  
|Leverage (Debt / Equity)                    |  | 0.99                         |  | 1.34  





---





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, 2005

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