FORM 6-K

SECURITIES 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 May, 2007

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.....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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EARNINGS REPORT



First Quarter 2007 Earnings Report

May 2, 2007

Empresas ICA, S.A.B. de C.V. (BMV and NYSE: ICA), the largest engineering, construction, and procurement company in Mexico, announced today its unaudited results for the first quarter of 2007.

Unless stated otherwise, all comparisons of operating or financial results are made with respect to the comparable prior year period.



Summary
        1Q06
        1Q07
        % VarRevenues
        4,878
        4,713
        (3)Operating Income
        383
        264
        (31)Net Income of Majority Interest
        149
        24
        (84)EBITDA
        607
        442
        (27)Operating Margin
        7.9%
        5.6%EBITDA Margin
        12%
        9%EPS (Ps.)
        0.37
        0.06EPADS (US$)
        0.40
        0.06




---


        Effective January 2007, ICA adopted the International Financial Reporting Interpretations Committee IFRIC 12 Service Concession Arrangements interpretation of International Financial Reporting Standards with respect to the accounting treatment of service concessions. Results for 2006 have been restated for this change; additional detail is provided in the Notes.



        Revenues decreased 3%, to Ps. 4,713 million.



        Operating expenses increased Ps. 44 million, of which Ps. 34 million was the result of higher bid preparation expenses.



        Operating income fell 31% to Ps. 264 million with an operating margin of 5.6%.



        Net income of majority interest in 1Q07 was Ps. 24 million, an 84% decrease. Earnings per share were Ps. 0.06 and US$0.06 per ADS.



        EBITDA decreased 27% to Ps. 442 million, with an EBITDA margin of 9%.



        New construction contracts awarded during 1Q07 were Ps. 4,594 million. As of March 31, 2007 construction backlog was Ps. 11,535 million, equivalent to 9 months of work based on






For more information contact:Alonso Quintana
(5255) 5272 9991 x 3653
alonso.quintana@ica.com.mx
        In the United States:
Zemi CommunicationsPaloma Grediaga
(5255) 5272 9991 x 3664
paloma.grediaga@ica.com.mx
        Daniel Wilson
(212) 689 9560
dbmwilson@zemi.comBerenice Muñoz
(5255) 5272 9991 x 3678
Berenice.munoz@ica.com.mx
        Liliana Toro
(212) 689 9560
Liliana.toro@zemi.com






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EARNINGS REPORT



first quarter construction revenues. The ratio of new contracts to execution of backlog was 1.21. In addition, as a result of the application of IFRIC 12, construction contracts on concessioned projects totaling Ps. 1,401 million on January 1, 2007 were included in construction backlog.


        ICA delivered the first turbine unit of the El Cajon Hydroelectric Project. The US$525 million payment received was applied in the following manner: US$358.8 million to the payment of the syndicated loan, US$164.4 million to the reserve fund for the payment of the 144-A bond, and US$2 million to pay the CFE for supervisory expenses.



        Total debt as of March 31, 2007 was Ps. 10,030 million, a decrease of Ps. 1,446 million. Including the reserve for the repayment of the 144A bond, consolidated net debt was reduced by Ps. 1,453 million. Total debt excluding the El Cajón hydroelectric project increased Ps. 1,884 million.






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EARNINGS REPORT



Consolidated Results of Operations

---

(Ps. millions)
        1Q06
        1Q07
        % VarRevenues
        4,878
        4,713
        (3)Costs
        4,116
        4,026General and administrative expenses
        379
        423Operating Income
        383
        264
        (31)Financing Cost (Income), net
        9
        140Other Income (Loss) Net
        42
        (33)Taxes and Statutory Profit Sharing
        103
        15Share in Net Income of Affiliates
        2
        (2)Net Income of Minority Interest
        82
        116Net Income of Majority Interest
        149
        24
        (84)EPS (Ps.)
        Ps. 0.37
        Ps. 0.06EPADS (US$)
        US$0.40
        US$0.06Weighted average shares (millions)
        402.80
        405.27




**First Quarter 2007**

---

Revenueswere Ps. 4,713 million, a decrease of 3%. The decrease in revenues was principally due to a lower volume of work in Civil and Industrial Construction as a result of the completion of projects during 4Q06, and to the fact that recently contracted industrial projects have not begun construction. Revenues in Mexico represented 81% of the total. Revenues denominated in foreign currency, both dollars and other currencies, were 38% of the total.

Cost of saleswas Ps. 4,026 million, as compared to Ps. 4,116 million during the same period of 2006. Cost of sales was 85% of revenues in the first quarter of 2007, compared to 84% in 1Q06.

General and administrative expensestotaled Ps. 423 million, a 12% or Ps. 44 million increase compared to 1Q06. Of the increase, Ps. 34 million was due to higher bid preparation expenses. During 1Q07 bid preparation expenses were Ps. 50 million, of which 54% were for Civil Construction and 46% for Industrial Construction. In addition, Airports recorded increases as a result of higher payroll costs and expenses related to being listed in the stock markets. Housing reclassified certain selling and administrative expenses that had previously been included in cost of sales. As a percentage of sales, general and administrative expenses increased to 8.9% in 1Q07, as compared to 7.8% in 1Q06.

Operating incomewas Ps. 264 million, a decrease of 31% as compared to the same period of 2006, as a result of the combined effect of the decrease in revenues and the increases in operating expenses. The contribution of Infrastructure to operating income was Ps. 219 million, Housing and Civil Construction were Ps. 25 million each, and Industrial Construction was Ps. 13 million.

The integral financing costin 1Q07 was Ps. 140 million, compared to Ps. 9 million in 1Q06, principally due to a Ps. 292 million increase in financial expenses. The integral financing cost includes the effect of including in this item certain accounts payable and accounts receivable of the El Cajón hydroelectric project, which totaled Ps. 21 million net, and to a higher level of other debt, with an increased proportion of peso-denominated debt.

Other income (loss) netwas a gain of Ps. 33 million. There was a cancellation of a reserve for doubtful accounts of Ps. 66 million, as a result of the establishment of a payment date, which was partially offset by a Ps. 23 million loss on the sale of shares in CPC, a subsidiary in Argentina, and the effect of the reclassification of statutory employee profit sharing and other items for Ps. 10 million.



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EARNINGS REPORT



Taxestotaled Ps. 15 million, equivalent to a effective tax rate of 6%, and a 21% effective tax rate for cash taxes. During 1Q07, there was an adjustment in deferred taxes as a result of a change in the estimates used to calculate these taxes.

Net income of majority interestwas Ps. 24 million, compared to Ps. 149 million in 1Q06.


        Earnings per share were Ps. 0.06, based on 405.07 million weighted average shares outstanding, compared to Ps. 0.37, based on a weighted average of 402.80 million shares outstanding, in the prior year period.



        Earnings per ADS were US$0.06, as compared to US$0.40 in 1Q06.




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EARNINGS REPORT



EBITDA

(Ps. million)
        1Q06
        1Q07
        % VarNet income of majority interest
        149
        24
        (84)Plus: minority interest, affiliate earnings, taxes, and other income, net
        288
        100Plus: integral financing cost
        9
        140Plus: depreciation and amortization
        224
        177EBITDA
        669
        442
        (34)


EBITDA in 1Q07 was Ps. 442 million, a decrease of 34%, as a result of the combined effect of  lower operating income and lower depreciation and amortization charges for the El Cajón Hydroelectric Project during 1Q07. The EBITDA margin was 9%.

EBITDA should not be considered as indicator of financial performance or free cash flow under Mexican or U.S. GAAP. However, ICAs management believes that it provides a useful measure of its own performance that is widely used by investors and analysts to evaluate performance and make comparisons with other companies. Other companies may define a similarly titled concept differently.



**General Considerations on 1Q07 Results**

---

The results for 1Q07 reflect the impact of the reduction in consolidated revenues, resulting principally from a lower level of construction revenues.

Notwithstanding the commitment of Mexicos President Felipe Calderón to develop the countrys infrastructure, there have been numerous postponements in the dates for submitting project bids and awarding projects, which is not uncommon with the change in governments. ICA expects that the new government will soon restart the bidding for new infrastructure projects, although it can provide no assurance of the timing or that the Company will be successful in its bids.

The decrease in ICAs construction revenues in 1Q07 reflects this environment, and the fact that the industrial construction projects contracted during the quarter did not contribute significantly to revenues. This was partially offset by increases in revenues from Infrastructure and Housing.

ICAs strategy for growth and diversification is to invest in infrastructure and housing, in order to have a higher proportion of non-cyclical revenues not related to construction from high-margin, high-growth sectors, with a target of generating 40% of revenues from the Housing and Infrastructure businesses by 2010. In 1Q07, the Housing and Infrastructure businesses accounted for 19% of revenues, 92% of operating income, and 79% of EBITDA.





INVESTOR RELATIONS
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        5/22






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EARNINGS REPORT



Business Unit Performance

(Ps. million)
        
        
        
        
        
        1Q06
        1Q07
        % VarConstruction
        Revenues
        
        
        
        
        4,116
        3,809
        (7)Operating Income
        
        
        
        
        166
        41
        (75)EBITDA
        
        
        
        
        306
        100
        (67)Operating Margin
        
        
        
        
        4%
        1%EBITDA Margin
        
        
        
        
        7%
        3%Housing
        Revenues
        
        
        
        
        238
        342
        44Operating Income
        
        
        
        
        16
        25
        57EBITDA
        
        
        
        
        17
        27
        57Operating Margin
        
        
        
        
        7%
        7%EBITDA Margin
        
        
        
        
        7%
        8%Infrastructure
        Revenues
        
        
        
        
        499
        574
        15Operating Income
        
        
        
        
        212
        219
        3EBITDA
        
        
        
        
        293
        323
        10Operating Margin
        
        
        
        
        43%
        38%EBITDA Margin
        
        
        
        
        59%
        56%Other*
        Revenues
        
        
        
        
        25
        (12)Operating Income
        
        
        
        
        (11)
        (21)Consolidated
        Revenues
        
        
        
        
        4,878
        4,713
        (3)Operating Income
        
        
        
        
        383
        264
        (31)EBITDA
        
        
        
        
        607
        442
        (27)Operating Margin
        
        
        
        
        8%
        6%EBITDA Margin
        
        
        
        
        12%
        9%* Includes corporate and consolidation effects.






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EARNINGS REPORT



**Construction**

---

(Ps. million)
        
        
        
        
        
        1Q06
        1Q07
        % VarConstruction Total
        Revenues
        
        
        
        
        4,116
        3,809
        (7)Operating Income
        
        
        
        
        166
        41
        (75)EBITDA
        
        
        
        
        306
        100
        (67)Operating Margin
        
        
        
        
        4%
        1%EBITDA Margin
        
        
        
        
        7%
        3%Civil Construction
        Revenues
        
        
        
        
        1,988
        1,752
        (12)Operating Income
        
        
        
        
        97
        25
        (74)EBITDA
        
        
        
        
        176
        50
        (72)Operating Margin
        
        
        
        
        5%
        1%EBITDA Margin
        
        
        
        
        9%
        3%Industrial Construction
        Revenues
        
        
        
        
        1,782
        1,697
        (5)Operating Income
        
        
        
        
        52
        13
        (75)EBITDA
        
        
        
        
        102
        27
        (74)Operating Margin
        
        
        
        
        3%
        1%EBITDA Margin
        
        
        
        
        6%
        2%Rodio
        Revenues
        
        
        
        
        346
        360
        4Operating Income
        
        
        
        
        18
        3
        (85)EBITDA
        
        
        
        
        27
        23
        (16)Operating Margin
        
        
        
        
        5%
        1%EBITDA Margin
        
        
        
        
        8%
        6%


Total construction revenues decreased 7% during 1Q07, as compared to 1Q06. Civil Construction revenues decreased 12%, Industrial Construction revenues decreased 5%, while Rodio revenues increased 4%. The operating margin from all construction activities decreased to 1% during 1Q07, as a result of the completion of projects, the mix of projects under construction, and Ps. 50 million in bid preparation expenses, of which 54% were in Civil Construction and the rest were in Industrial Construction. First quarter 2007 Construction EBITDA was Ps. 100 million, with an EBITDA margin of 3%.

**Civil Construction**

---

The principal projects under construction were:


        Terminal II of the Mexico International Airport,



        The Cachamay stadium in Venezuela, and



        The El Cajón Hydroelectric Project in Nayarit.


Revenues decreased 12% during the first quarter, as compared to 1Q06, as a result of the completion of projects and to the lack of new project awards.

The operating margin was 1%, as compared to 5% in the prior year period. The reduction is the result of the mix of current projects, as compared to those under construction in 1Q06.  In addition, Civil Construction incurred Ps. 27 million in bid preparation expenses, decreasing the operating margin. The El Cajón hydroelectric is in its final stage, which significantly reduced its contribution to revenues and operating income compared to 1Q06. ICA currently does not have other projects of a size to replace El Cajón.



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EARNINGS REPORT



EBITDA declined 72% to Ps. 50 million, with an EBITDA margin of 3%, as a result of the completion of projects and the current mix of projects and stage of execution. The El Cajón hydroelectric project contribution to EBITDA was Ps. 11 million.

**Industrial Construction**

---

The projects that contributed most to revenues in 1Q07 were:


        Package II of the Minatitlan refinery reconfiguration, which accounted for 19% of consolidated revenues,



        a PET plant in Altamira, and



        the Chicontepec oil field project in Veracruz.


Revenues decreased 5% compared to the prior year period as a result of completion of projects, including the storage tanks for the liquefied gas terminal in Altamira and the Reynosa III and IV cryogenic plants for PEMEX. Industrial Construction did not record significant revenues from the new contracts awarded during the first quarter.

The Industrial Construction operating margin was 1%, as compared to 3% in 1Q06. The decrease is a result of higher bid preparation expenses, which were Ps. 23 million in 1Q07. Additionally, the margin decreased as a result of the start up phase of construction of the gas separation plant and the Reynosa V and VI cryogenic plants.

Industrial Construction EBITDA was Ps. 27 million in 1Q07, a decrease of 74%, and equivalent to an EBITDA margin of 3%.

**Rodio**

---

Rodios most important projects are:


        Foundations for the Ikea shopping center in Málaga,



        High speed train in Barcelona, and



        Prefabricated pilings for the Vela Hotel in Barcelona.


Revenues were Ps. 360 million, an increase of 4%, as compared to Ps. 346 million in 1Q06. Rodios operating margin for 1Q07 was 1%. Rodio generated EBITDA of Ps. 23 million, with an EBITDA margin of 6%.

Rodio is owned 50-50 by ICA and the Soletanche Bachy Group. Recently, there was an announcement of a transaction that will result in a change in control of Soletanche. ICA is evaluating its alternatives and future actions in regard to the imminent change in its partner in this company.

**El Cajón Hydroelectric Project**

---

El Cajón hydroelectric project revenues were Ps.177 million. Operating income was Ps. 9 million, with an operating margin of 5%. The project is in its completion stage.



(Ps. Million)
        
        
        
        
        
        1Q06
        1Q07
        % VarRevenues
        
        
        
        
        
        675
        177
        (74)Operating Income
        
        
        
        
        
        41
        9
        (78)Operating Margin
        
        
        
        
        
        6%
        5%


The total value of the project increased to US$873 million as of March 31, 2007. As a result of negotiations, the parties have agreed to submit to an independent expert claims for those unit



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EARNINGS REPORT



prices or work volumes for which the parties have not yet reached an agreement; these claims total US$38 million, which have not been recorded as revenues.

On February 27, 2007, ICA delivered the first turbine unit of the El Cajon Hydroelectric Project for which ICA received a payment of US$525 million. Of this amount, US$358.8 million was used to repay amounts outstanding under the syndicated loan entered into to finance construction of the project, US$164.4 million was allocated to the reserve fund for the payment of the 144-A bond issued to finance construction of the project, and US$2 million was paid to the CFE for supervisory expenses. The project had outstanding debt of US$319.9 million as of March 31, 2007.

Total liabilities for the El Cajón hydroelectric project increased to Ps. 4,495 million as of March 31, 2007, of which 41% was short term and 59% long term.



(Ps. Million)
        1Q06
        1Q07
        % VarTotal Assets
        9,810
        6,224
        (37)Cash and Cash Equivalents
        523
        177Accounts Receivable
        5,971
        3,929Other Current Assets
        338
        172Total Current Assets
        6,832
        4,278Long Term Assets
        2,978
        1,946Total Liabilities
        8,749
        4,495
        (49)Current Liabilities
        5,336
        1,855Long Term Liabilities
        2,966
        2,549Other Liabilities
        447
        92Equity
        1,061
        1,729
        63








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EARNINGS REPORT



Housing

(Ps. Million)
        
        
        
        
        
        1Q06
        1Q07
        % VarHousing
        Revenues
        
        
        
        
        238
        342
        44Operating Income
        
        
        
        
        16
        25
        57EBITDA
        
        
        
        
        17
        27
        57Operating Margin
        
        
        
        
        7%
        7%EBITDA Margin
        
        
        
        
        7%
        8%Units sold
        
        
        
        
        920
        1,168
        27Traditional
        
        
        
        
        60%
        42%Entry level
        
        
        
        
        40%
        51%Other
        
        
        
        
        
        7%


ViveICA, ICAs housing subsidiary, sold 1,168 units during 1Q07, compared to 920 units in 1Q06. The increase is a result of seven new projects. Of the units sold, 42% were traditional housing (vivienda tradicional), 51% were entry-level housing (vivienda de bajos ingresos), and 7% were cofinancings.

During the first quarter, CONAVI and INFONAVIT, the government agencies that provide most entry-level home loans, modified their criteria for qualification and granting of home loans, which resulted in a reduction of credit authorizations during the period.

Revenues were Ps. 342 million, a 44% increase, as compared to Ps. 238 million in the same period of 2006, as a result of the increase in units sold. Effective in 1Q07, ViveICA changed its accounting policies to increase comparability with other companies in the sector. Administrative and selling expenses related to projects, which were previously included in cost of sales, are now classified as part of general and administrative expenses. The operating margin was 7%, unchanged compared to the same quarter of 2006.

Housing EBITDA during 1Q07 was Ps. 27 million, an increase of 57% compared to 1Q06, equivalent to an EBITDA margin of 8%.





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EARNINGS REPORT



Infrastructure

(Ps. million)
        
        
        
        
        
        1Q06
        1Q07
        % VarInfrastructure
        Revenues
        
        
        
        
        499
        574
        15Operating Income
        
        
        
        
        212
        219
        3EBITDA
        
        
        
        
        293
        323
        10Operating Margin
        
        
        
        
        43%
        38%EBITDA Margin
        
        
        
        
        59%
        56%Airports
        Revenues
        
        
        
        
        395
        436
        10Operating Income
        
        
        
        
        180
        185
        3EBITDA
        
        
        
        
        238
        258
        9Operating Margin
        
        
        
        
        46%
        42%EBITDA Margin
        
        
        
        
        60%
        59%Concessions
        Revenues
        
        
        
        
        103
        138
        33Operating Income
        
        
        
        
        32
        34
        4EBITDA
        
        
        
        
        55
        65
        18Operating Margin
        
        
        
        
        31%
        25%EBITDA Margin
        
        
        
        
        53%
        47%


Infrastructure includes the results of operations of Airports and Concessions.

Revenues were Ps. 574 million in 1Q07. Operating income was Ps. 219 million in 1Q07, a 3% increase as compared to the same period of 2006. Operating margin decreased to 38%, principally as a result of the increase in costs and expenses of Airports. EBITDA was Ps. 323 million, equivalent to an EBITDA margin of 56%.

Airports

('000 passengers)
        
        
        
        
        
        1Q06
        1Q07
        % VarTotal passenger traffic
        
        
        
        
        2,936
        3,360
        14Domestic
        
        
        
        
        
        2,075
        2,550
        23International
        
        
        
        
        
        861
        810
        (6)


During 1Q07, 3.4 million terminal passengers were served in the 13 airports, as compared to the 2.9 million in the same period of 2006, an increase of 14%. Passengers on domestic flights accounted for 76% of the passenger total, and passengers on international flights accounted for 24%. Domestic passengers increased 23% and international passengers decreased 6% as compared to 1Q06. Monterrey airport accounted for 43% of total passengers.

Revenues, including the operations of OMA, Aeroinvest, and Servicios de Tecnología Aeroportuaria (SETA), were Ps. 436 million, with a 42% operating margin. The decrease in the margin compared to 1Q06 is principally due to a revision in the estimate of the useful life of pavements (runways, taxiways, and aprons) effective in 4Q06, which increased depreciation expense, In addition, other operating expenses rose as a result of increases in payroll and compliance expenses related to the listing of OMA on the Mexican and Nasdaq stock markets. EBITDA was Ps. 258 million, with an EBITDA margin of 59%.

Airport revenues derived from aeronautical activities (e.g., passenger charges) are subject to rate regulation; other revenues (consisting principally of revenue from commercial activities, such as  lease income from merchants) are not subject to rate regulation.

Regulated Airports revenues during 1Q07 were Ps. 356 million, or 81% of the total. Non-regulated revenues were Ps. 80 million, or 19% of the total.

The earnings report of OMA, which is the operating company in the Airports segment, can be found athttp://ir.oma.aero.



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EARNINGS REPORT



Concessions

('000 vehicles per day)
        
        
        
        
        1Q06
        1Q07
        % VarCorredor Sur
        
        
        
        
        
        52.7
        69.9
        33Acapulco Tunnel
        
        
        
        
        
        8.7
        9.4
        8


TheCorredor Suraverage traffic volume in 1Q07 increased 33% to 69,937 vehicles per day, compared to 52,671 vehicles per day in 1Q06. Revenues were Ps. 11 million, an increase of 35%, as compared to Ps. 8 million in the same period of 2006.

TheAcapulco Tunnelhad daily average traffic volume of 9,381 vehicles, compared to 8,670 vehicles in the same quarter of 2006. Revenues were Ps. 31 million, an increase of 10% as compared to Ps. 28 million in 1Q06.

TheIrapuatoLa Piedad highway PPPmodernization work advanced in 1Q07, with total investment through March 31, 2007 of Ps. 539 million. The transfer of resources to the concessionaire has been made in the form of a capital contribution and a Ps. 580 million project finance term loan. As of quarter end, Ps. 390 million of this loan had been drawn.

TheQueretaro-Irapuato highway PPPmodernization work advanced in 1Q07, and the financing is in the process of closing. Investment as of March 31, 2007 totaled Ps. 75 million.

Concessions also includes the waste water treatment plant in Ciudad Acuña, Coahuila.



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EARNINGS REPORT



Construction Backlog

(Ps. million)
        
        
        
        Balance
        Months Work*Balance, December 31, 2006
        
        
        
        9,348
        6Work to be performed on concessioned projects
        
        
        
        1,401Balance, December 31, 2006, including concessioned projects*
        
        
        
        10,749New contracts and contract additions
        
        
        
        4,594
        4Work executed
        
        
        
        3,807
        3Balance, March 31, 2007
        
        
        
        11,535
        9Share of BacklogProjects in Mexico
        
        
        
        93%Projects outside Mexico
        
        
        
        7%Public sector clients
        
        
        
        76%Private sector clients
        
        
        
        12%Concessioned projects
        
        
        
        12%


* Effective January 1, 2007 in accordance to IFRIC 12, construction contracts with subsidiaries that operate concessions are included in consolidated backlog.



New construction contract awards and net contract additions were Ps. 4,594 million in 1Q07. The principal new projects included:


        Reynosa V and VI cryogenic plants for PEMEX,



        new Rodio projects, and



        a gas separation plant.


Construction backlog was Ps. 11,535 million as of March 31, 2007, an increase of Ps. 787 million, compared to construction backlog as of December 31, 2006, and was the equivalent of 9 months of work at 1Q07 levels.

The backlog book & burn ratio is calculated as the ratio of new contracts and contract additions to construction revenues. For 1Q07, book & burn was 1.21, which can be interpreted to mean that the volume of new contracts was 21% higher than execution of backlog during the period. ICA will begin reporting this metric effective this quarter.





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Balance Sheet

(Ps. million)
        1Q06
        1Q07
        % VarAssetsCash and Cash Equivalents
        6,438
        4,525
        (30)Trade and Contract Receivables
        9,150
        9,407
        3Inventories
        1,542
        1,990
        29Other Receivables
        1032
        1,119
        8Other Current Assets
        799
        1,041
        30Total Current Assets
        18,961
        18,082
        (5)Long Term Assets
        11,527
        11,376
        (1)Total Assets
        33,565
        33,274
        (1)Accounts Payable
        2,376
        2,969
        25Current Debt
        4,824
        2,580
        (7)Other Current Liabilities
        5,253
        4,832
        -8Total Current Liabilities
        12,453
        10,380
        (17)Long Term Liabilities
        7,492
        8,370
        12Stockholders' Equity
        13,621
        14,523
        7Total Liabilities and Stockholders' Equity
        33,565
        33,274
        (1)


Cash and cash equivalentswere Ps. 4,525 million at March 31, 2007, a decrease of 30% as compared to 1Q06. At March 31, 2007, 83% of cash and cash equivalents were in the following subsidiaries: 42% in Airports, 28% in ICA Fluor, 9% in the reserves established to secure the Acapulco Tunnel and Corredor Sur financings, 4% in the El Cajón hydroelectric project, and 1% in Rodio. This cash generally cannot be used by ICA in accordance with the subsidiaries bylaws or governing agreements. The remaining 17%, or Ps. 756 million, was held at the parent company or other operating subsidiaries. Of total cash as of March 31, 2007, 37% represented client advances.

Short-term accounts receivablewere Ps. 257 million, an increase of Ps. 3 million as compared to the 1Q06, as a result of the combined effect of a reduction in receivables after payment for the first turbine unit of the El Cajón hydroelectric project, which was offset by increases in other areas. Industrial Construction accounts receivable increased Ps. 597 million, as a result of advances related to projects. Housing accounts receivable increased Ps. 263 million as compared to 1Q06, as a result of a higher level of activity.  Rodio accounts receivable increased Ps. 76 million to Ps. 732 million; as a subcontractor for specialized foundation and subsoil works, Rodio faces extended collection periods. Civil Construction accounts receivable related to the Mexico City Airport Terminal II were Ps. 778 million.

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 total of such receivables was Ps. 1,192 million, of which Ps. 832 million is for Package II of the Minatitlan refinery reconfiguration project, and Ps. 360 million is for the Chicontepec oil field project.

Other accounts receivablewere Ps. 1,119 million, an increase of 8%. The increase is principally the result of the strategy to secure the prices of raw materials and supplies by paying Ps. 1,041 million as advances to subcontractors and strategic suppliers, which reduced cash balances.

Inventorieswere Ps. 1,990 million, an increase Ps. 448 million compared to the prior year period. Housing inventories accounted for Ps. 191 million of the increase, as a result of a higher level of activity, and Ps. 307 million of the increase is for machinery to be installed in the Minatitlán refinery as part of the Package II contract.

Long term assetswere Ps. 11,376 million at March 31, 2007. Accounts and documents receivable were Ps. 3,067 million, a reduction of Ps. 420 million as a result of the reclassification



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of the certifications of El Cajón hydroelectric project to short term. Investment in concessions for Ps. 7,348 million represents 65% of total long term assets.

Total liabilitiesdecreased Ps. 1,194 million to Ps. 18,751 million in 1Q07, as compared to Ps. 19,945 million in the same quarter of 2006, principally as a result of the reduction in debt described below.

Shareholders equityincreased by Ps. 903 million as a result of the cumulative net income between April 2006 and March 31, 2007.

Debt

(Ps. million)
        1Q06
        1Q07
        % VarShort Term
        4,824
        2,580
        (47)Long Term
        6,652
        7,450
        12Total Debt
        11,476
        10,030
        (13)Total Cash and cash equivalents
        6,438
        4,525
        (30)Reserve for payment of 144A bond
        
        1,920Total Net Debt
        5,037
        3,585
        (29)El Cajón Project debt (legal entity)
        6,859
        3,529
        (49)El Cajón Cash and cash equivalents, including debt payment reserve
        523
        2,097
        301Net Debt, El Cajón
        6,336
        1,432
        (77)Net Debt (Net Cash), excluding El Cajón
        (1,298)
        2,153
        n.sBy source of repaymentHolding company (EMICA)
        0
        0
        -Operating companies
        1,886
        2,202
        17El Cajón hydroelectric project
        6,859
        3,529
        (49)Other projects
        2,731
        4,299
        57Total debt
        11,476
        10,030
        (13)


Total debtat March 31, 2007 decreased Ps. 1,446 million to Ps. 10,030 million, as compared to the Ps. 11,476 million at the end of 2006. The reserve for the repayment of the 144A bond reduces effective debt by an additional Ps. 1,920 million. Excluding the El Cajón hydroelectric project, total debt increased Ps. 1,884 million.

The principal factors increasing debt other than for El Cajón were financing for the Irapuato-La Piedad highway PPP, Mexico City Airport Terminal II working capital loans, bridge loans for the development of entry level housing, working capital loans for the offshore housing module, and a loan to finance the exercise of an option to purchase OMA shares in June 2006.

Net debtexcluding the El Cajón hydroelectric project was Ps. 2,153 million, compared to net cash of Ps. 1,298 million at the close of 1Q06.

As a result of the reclassification to short term of debt related to the El Cajón hydroelectric project, 26% of ICAs total debt matures in less than one year as of March 31, 2007. Most short term debt is related to the El Cajón hydroelectric project, and the resources for payment are expected to come from the clients payment upon delivery of the second unit and the final settlement of the contract. Debt denominated in foreign currency, principally dollars, is 82% of total debt, and 51% is securities debt.

Based onsource of repayment, Ps. 7,828 million, or 78%, of ICAs total debt corresponds to projects, and Ps. 2,201 million, or 22%, is operating company debt. ICA had no parent company debt outstanding at March 31, 2007.



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The weighted average interest rateon ICAs debt was 9.9%. The increase in the weighted average interest rate was the result of factors explained for financial expenses.



(Ps. million)
        1Q06
        1Q07Interest expense included in Integral Financing Cost
        111
        292Interest expense included in cost of sales
        104
        -Total Interest Expense
        215
        292Weighted average debt outstanding
        12,476
        11,819Weighted Average Interest Rate
        6.9%
        9.9%As a result of the adoption of IFRIC 12 effective 1Q07, financing expenses are no longer included in cost of sales. For comparative purposes, the weighted average interest rate for 1Q06 includes those interest expenses included in cost of sales.






Liquidity and Financial Ratios

The current ratio as of the end of 1Q07 increased to 1.74 compared to 1.52 at the end of 1Q06. The increase was principally the result of payment of debt related to the El Cajon hydroelectric project.



(Ps. million)
        1Q06
        1Q07Current Ratio
        1.52
        1.74Interest Coverage Ratio
        10.22
        2.39(EBITDA/net interest, adjusted for interest expense in cost of sales)Leverage (Total Debt/Equity)
        0.84
        0.69




The interest coverage ratio (EBITDA/net interest expense) was 2.39 in the first quarter of 2007, compared to 10.22 in the same period of the prior year. In the 2006 period, this ratio is adjusted for net interest expense included in cost of sales.

The leverage ratio (total debt/equity) was 0.69 as of March 31, 2007, as compared to 0.84 at the end of 2006.





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**CAPEX**

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Capital expenditures, including investments in fixed assets and deferred expenditures, totaled Ps. 340 million in 1Q07. The principal investments were in Airports as part of its Master Development Program and other Airports CAPEX, and the purchase of strategic machinery.



**Subsequent Events**

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On April 12 ICA completed the purchase of 39% of the environmental services company Proactiva Medio Ambiente Mexico shares for Ps. 429 million, which increased ICAs total shareholding to 49%.



**Conference Call Invitation**

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ICA invites you to participate in a conference call on May 2, 2007, at 5:00 p.m. (EDT). In order to participate, please call (877) 493-9121 from the U.S. or +1 (973) 582-2750 internationally. The reference code is 8707354. A replay will be available until May 9, 2007 by calling (877) 519-4471 from the U.S. or +1 (973) 341-3080 internationally, with the same reference code.

The conference call will also be available viaWebcast.

.



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EARNINGS REPORT



Empresas ICA, S.A.B. de C.V.

Consolidated Statement of Income, First Quarter







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Empresas ICA, S.A.B. de C.V.

Consolidated Balance Sheet







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Empresas ICA, S.A.B. de C.V.

Segment Information, First Quarter







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**Notes and disclaimers**

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Mexican Financial Information Norms:financial statements and other information are presented in accordance with current Financial Information Norms in Mexico. These norms differ in certain significant respects from U.S. GAAP.

Unaudited financials:financial statements are unaudited, preliminary statements.

Prior period comparisons: unless stated otherwise, all comparisons of operating or financial results are made with respect to the comparable prior year period. Percentage changes are calculated with respect to the actual numbers.

EBITDA: ICA defines EBITDA as earnings before other income, integral financing cost, taxes and statutory profit sharing, minority interest, and depreciation and amortization expenses. EBITDA is defined and is not a recognized measure of financial performance or an indicator of free cash flow generation under Mexican Financial Information Norms or U.S. GAAP. However, ICAs management believes that EBITDA provides a useful measure of its own performance that is widely used by investors and analysts to evaluate performance and make comparisons with other companies. Other companies may define EBITDA differently.


Constant pesos:All peso (Ps.) amounts are expressed in constant pesos of March 31, 2007 purchasing power.

Exchange rate:Amounts in U.S. dollars (US$) are converted at an exchange rate of Ps. 11.0308 per U.S. dollar.

Proportional Consolidation:ICA adopted the proportionate gross consolidation method of accounting for those subsidiaries and joint ventures where there is shared control. The accounts are consolidated line-by-line in proportion to ICA's ownership. The change in accounting method affects the consolidation of the financial statements of the Spanish subsidiaries that make up Rodio and the joint venture with Mexican homebuilder GEO in the Housing segment. In accordance with Financial Information Norms in Mexico, financial statements for previous periods have not been restated.

Forward looking statements:This report 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.

IFRIC 12: an interpretation of International Financial Reporting Standards issued in November 2006 by the International Financial Reporting Interpretations Committee entitled Service Concession Arrangements. Application of the IFRIC 12 is mandatory as of January 1, 2008, and earlier adoption by companies is recommended. The interpretation refers to the accounting treatment by private sector companies that operate in providing assets and services infrastructure to the public sector, classifying the assets as financial assets, intangible assets, or a combination of both.

IFRIC 12 draws a distinction between two types of service concession arrangement. In one, the operator receives a financial asset, i.e., an unconditional contractual right to receive cash or another financial asset for the term of the agreement in return for constructing or upgrading the public sector asset. In the other, the operator receives an intangible asset, i.e., no more than a right to charge for use of the public sector asset that it constructs or upgrades. A right to charge users is not an unconditional right to receive cash because the amounts are contingent on the extent to which the public uses the service. IFRIC 12 also allows for the possibility that both types of arrangement may exist within a single contract. For both the financial asset and the intangible asset, revenues and costs related to construction or improvements are recognized in the income statement during the
construction period.



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As a result of the adoption of IFRIC 12, the financial statements for 1Q06 were restated to increase comparability, as shown below:



(Ps. Millons)
        As originally presented
        As restatedBalance Sheet
        March 31, 2006Current assets
        18,956
        18,961Long term assets
        14,526
        14,605Current liabilities
        12,453
        12,453Long term liabilities
        7,492
        7,492Shareholders  equity
        13,538
        13,621Income Statement
        January-March 2006Revenues
        4,806
        4,878Operating income
        368
        383Net income of majority interest
        217
        231






Empresas ICA was 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.





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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: May 2, 2007

Empresas ICA, S.A. de C.V./s/ JOSE LUIS GUERREROName: Dr. José Luis GuerreroTitle: Chief Executive Officer