Exhibit 99.1

[LOGO] GRUPO
       RADIO
      CENTRO

Earnings
Release

IR Contacts:

In Mexico:
Pedro Beltran / Alfredo Azpeitia
Grupo Radio Centro, S.A. de C.V.
Tel: 5255-57-28-48 81 or
5255-57-28-48

In New York:
Maria Barona
Blanca Hirani
i-advize Corporate
Communications, Inc.
Tel: (212) 406-3690
Email: grc@i-advize.com

                                                           For Immediate Release

                                                               February 27, 2003

                     --------------------------------------
                           GRUPO RADIO CENTRO REPORTS
                       FOURTH QUARTER AND YEAR-END RESULTS
                     FOR THE PERIOD ENDED DECEMBER 31, 2002
                     --------------------------------------

Mexico City,  February 27, 2003 - Grupo Radio Centro,  S.A. de C.V.  (NYSE:  RC,
BMV: RCENTRO-CPO),  one of Mexico's leading radio broadcasting companies,  today
announced  its  consolidated  results  for the  fourth  quarter  and year  ended
December  31, 2002.  All figures  were  prepared in  accordance  with  generally
accepted  accounting  principles  in Mexico and have been  restated  in constant
pesos as of December 31, 2002.

Fourth Quarter Results

For the three months  ended  December  31,  2002,  broadcasting  revenue was Ps.
267,909,000, an increase of 11.3% compared with Ps. 240,672,000 reported for the
same period of 2001. This increase in broadcasting  revenue was  attributable to
higher advertising expenditures by political parties.

Broadcasting  expenses  (excluding  depreciation,  amortization  and  corporate,
general and  administrative  expenses)  for the three months ended  December 31,
2002 were Ps.  92,962,000,  a 30.5%  decrease as compared  with Ps.  133,714,000
reported for the same period of 2001.  This decrease was primarily  attributable
to  the  cancellation  of  non-productive  programming  and  better  control  of
operating and advertising expenses of the Company.

Broadcasting income (broadcasting revenue minus broadcasting expenses, excluding
depreciation,  amortization and corporate,  general and administrative expenses)
for the quarter ended  December 31, 2002 was Ps.  174,947,000,  a 63.6% increase
compared  with Ps.  106,958,000  reported  for the  same  period  of 2001.  This
increase was attributable to the combination of higher broadcasting revenues and
a decrease in broadcasting expenses.

Depreciation and  amortization  decreased 18.0% from Ps.  45,767,000  during the
fourth  quarter  of 2001 to Ps.  37,516,000  for the same  period of 2002.  This
decrease was due to a goodwill  write-off  during the 2001 period in  connection
with some of the Company's subsidiaries.

The Company's  corporate,  general and  administrative  expenses for the quarter
ended  December 31, 2002 were Ps.  11,121,000 a decrease of 34.2%  compared with
Ps.  16,895,000  reported for the same period of 2001.  This decrease was mainly
due to lower provisions for executive  compensation during the fourth quarter of
2002.
<PAGE>

                                                Grupo Radio Centro, S.A. de C.V.
                                                               February 27, 2002
                                                                     Page 2 of 3


Operating  income  for  the  three  months  ended  December  31,  2002  was  Ps.
126,310,000,  a 185.1% increase  compared with Ps.  44,296,000  reported for the
same  period  of  2001.  This  increase  was  attributable  to the  increase  in
broadcasting  income during the fourth quarter of 2002, compared with the fourth
quarter of 2001.

For the fourth quarter of 2002, the Company  reported EBITDA  (operating  income
before deducting depreciation and amortization) of Ps. 163,826,000, representing
an increase of 81.9% compared with Ps.  90,063,000  reported for the same period
of 2001.  This  increase was  attributable  to the increase in operating  income
during the fourth quarter of 2002 compared with the fourth quarter of 2001.

In the fourth  quarter of 2002, the Company's  comprehensive  financing cost was
Ps. 11,486,000,  compared with  comprehensive  financing income of Ps. 5,488,000
reported for the same period of 2001. This unfavorable change resulted primarily
from a foreign exchange loss of Ps. 3,070,000 during the 2002 period, due to the
weakening of the peso against the U.S. dollar during the fourth quarter of 2002,
compared  with a foreign  exchange gain of Ps.  15,500,000  for the 2001 period.
This  unfavorable  change was partially  offset by an interest  expense decrease
from Ps. 6,880,000 in 2001 to Ps.  5,616,000 in 2002,  resulting from a decrease
in the Company's bank debt during 2002.

Other expenses,  net, for the quarter ended December 31, 2002 was Ps. 1,767,000,
compared with other expenses, net of Ps. 27,032,000 reported for the same period
of 2001. This favorable change was primarily attributable to the sale of certain
non-broadcasting assets and to a reduction in expenses from operations of one of
the Company's subsidiaries not-engaged in broadcasting activities.

Income  before  provisions  for income tax and employee  profit  sharing for the
three  months  ended  December  31,  2002  increased  almost  five-fold  to  Ps.
113,057,000  from Ps.  22,752,000  reported  for the same  period  of 2001.  The
provision  for  income  tax and  employee  profit  sharing  was  reduced  by Ps.
8,131,000 in the fourth  quarter of 2002,  compared to a reduction in provisions
for income tax and employee profit sharing of Ps.  6,086,000 for the same period
of 2001.

As a result of the foregoing,  net income for the fourth quarter of 2002 was Ps.
121,188,000,  a more  than  four-fold  increase  compared  with  Ps.  28,838,000
reported for the fourth quarter of 2001.

Twelve-Month Results

For the year ended December 31, 2002,  broadcasting revenue was Ps. 710,135,000,
a 5.3% decrease compared with Ps.  750,103,000  reported for 2001. This decrease
was mainly due to the slowdown of the Mexican  economy during 2002 compared with
2001,  which  was  partially  offset  by  advertising  revenues  generated  from
political parties during the fourth quarter of 2002.

The Company's broadcasting expenses (excluding depreciation and amortization and
corporate,  general and administrative expenses) for the year ended December 31,
2002 were Ps  461,286,000,  a 4.9%  decrease  as compared  with Ps.  485,001,000
reported for 2001.  This decrease  mainly  resulted  from the factors  mentioned
above in connection with the fourth quarter of 2002.

Broadcasting income for the year ended December 31, 2002 was Ps. 248,849,000,  a
6.1% decrease compared with Ps. 265,102,000 reported for 2001. This decrease was
primarily  due to the  decrease in  broadcasting  revenue,  which was  partially
offset by the reduction in broadcasting expenses during 2002.

Depreciation  and  amortization  for the year ended  December 31, 2002 decreased
8.0% to Ps. 108,030,000,  from Ps. 117,519,000  reported for 2001. This decrease
was primarily  attributable  to the factors  mentioned for the fourth quarter of
2002.
<PAGE>

                                                Grupo Radio Centro, S.A. de C.V.
                                                               February 27, 2002
                                                                     Page 3 of 3


Corporate,  general and administrative  expenses for the year ended December 31,
2002 were Ps.  45,117,000,  a decrease  of 10.5%  compared  with Ps.  50,393,000
reported  for  2001.   This   decrease   was  mainly  due  to  lower   executive
compensations.

As a  result  of the  foregoing  factors,  operating  income  for  2002  was Ps.
95,702,000,  representing  a  decrease  of 1.5%  compared  with  Ps.  97,190,000
reported for 2001.

EBITDA (operating income before deducting depreciation and amortization) for the
twelve  months  ended  December  31, 2002 was Ps.  203,732,000,  representing  a
decrease of 5.1% compared with EBITDA of Ps.  214,709,000  reported for the same
period of 2001. This reduction reflects the decrease in broadcasting  income for
2002 compared with 2001.

Comprehensive  financing cost increased from Ps.  12,115,000  during 2001 to Ps.
51,176,000  reported for 2002.  This  increase was primarily  attributable  to a
foreign  exchange  loss of Ps.  42,061,000  for  2002,  compared  with a foreign
exchange  gain of Ps.  17,190,000  for 2001, as a result of the weakening of the
peso against the U.S.  dollar in the fourth  quarter of 2002.  This  unfavorable
change was partially offset by a decline in interest expense from Ps. 35,354,000
in 2001 to Ps. 20,032,000 in 2002,  primarily  resulting from a decrease in bank
debt during 2002.

Other expenses,  net were Ps.  50,479,000 in 2002,  compared with Ps. 73,084,000
reported  for 2001.  This  favorable  change  was  attributable  to the  factors
mentioned above for the fourth quarter of 2002.

As a result,  loss before  provisions for income tax and employee profit sharing
for the year ended December 31, 2002 was Ps.  5,953,000  compared with an income
before  provisions for income tax and employee profit sharing of Ps.  11,991,000
for 2001.  Provisions for income tax and employee profit sharing were reduced by
Ps.  8,131,000 for 2002,  compared to a reduction of Ps. 5,772,000 for 2001 that
resulted from the use of tax loss carryforwards in 2001.

As a result of the foregoing factors, net income for 2002 decreased 87.7% to Ps.
2,178,000, compared with Ps. 17,763,000 reported for 2001.

Other Matters:

During 2002,  the  Company's  total bank debt  decreased  approximately  US $8.5
million,  from US $41.2  million  in 2001 to US $32.7  million in 2002 (of which
70.0% is in local  currency)  and thus the  financial  risk of the  Company  was
significantly  reduced.  Therefore,  ratio of Bank  Loans to EBITDA for the year
ended December 31, 2002 was  equivalent to 1.67 times EBITDA,  which the Company
notes is lower than other public Mexican media companies.

Company Description:

Grupo  Radio  Centro owns and/or  operates  14 radio  stations,  12 of which are
located in Mexico City.  The Company's  principal  activities are the production
and broadcasting of musical and  entertainment  programs,  talk shows,  news and
special  events  programs.  Revenue  is  primarily  derived  from  the  sale  of
commercial  airtime.  The Company also  operates a radio  network,  Organizacion
Impulsora de Radio,  which acts as the national  sales  representative  for, and
provides programming to, Grupo Radio Centro-affiliated radio stations.
<PAGE>

================================================================================
                        GRUPO RADIO CENTRO, S.A. DE C.V.
                  CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
    for the three and twelve month periods ended December 31, 2002 and 2001
expressed in Mexican Pesos ("Ps.") with purchasing power as of December 31, 2002
          (figures in thousands of Ps. and U.S. dollars ("U.S. $")(1),
                     except per Share and per ADS amounts)
================================================================================

<TABLE>
<CAPTION>
                                                                      4th Quarter                     Accumulated 12 months
                                                          -----------------------------------    -----------------------------------
                                                                    2002              2001               2002                2001
                                                          ----------------------    ---------    ---------------------     ---------
                                                           U.S.$(1)       Ps.          Ps.        U.S.$(1)       Ps.          Ps.
                                                          ---------    ---------    ---------    ---------    --------     ---------
<S>                                                         <C>         <C>          <C>           <C>         <C>          <C>
Broadcasting revenue(2)                                     25,699      267,909      240,672       68,118      710,135      750,103
Broadcasting expenses, excluding depreciation,
  amortization and corporate expenses                        8,917       92,962      133,714       44,248      461,286      485,001
                                                            ------      -------      -------       ------      -------      -------
Broadcasting income                                         16,782      174,947      106,958       23,870      248,849      265,102
                                                            ------      -------      -------       ------      -------      -------

Depreciation and amortization                                3,599       37,516       45,767       10,363      108,030      117,519
Corporate, general and administrative expenses               1,067       11,121       16,895        4,328       45,117       50,393
                                                            ------      -------      -------       ------      -------      -------
Operating income                                            12,116      126,310       44,296        9,179       95,702       97,190
                                                            ------      -------      -------       ------      -------      -------

EBITDA                                                      15,715      163,826       90,063       19,543      203,732      214,709

Comprehensive financing cost:
  Interest expense                                            (539)      (5,616)      (6,880)      (1,920)     (20,032)     (35,354)
  Interest income(2)                                            47          491          202          214        2,229        2,831
  Foreign exchange gain (loss), net                           (294)      (3,070)      15,500       (4,035)     (42,061)      17,190
  Gain (loss) on monetary position                            (316)      (3,291)      (3,334)         833        8,688        3,218
                                                            ------      -------      -------       ------      -------      -------
                                                            (1,102)     (11,486)       5,488       (4,908)     (51,176)     (12,115)
Other expense, net                                            (169)      (1,767)     (27,032)      (4,842)     (50,479)     (73,084)
                                                            ------      -------      -------       ------      -------      -------
Income (loss) before the following provisions               10,845      113,057       22,752         (571)      (5,953)      11,991

Provisions for income tax and employee profit
  sharing                                                     (780)      (8,131)      (6,086)        (780)      (8,131)      (5,772)
                                                            ------      -------      -------       ------      -------      -------
Net income                                                  11,625      121,188       28,838          209        2,178       17,763
                                                            ======      =======      =======       ======      =======      =======
Net income applicable to:
  Majority interest                                         11,625      121,189       28,831          208        2,164       17,748
  Minority interest                                              0           (1)           7            1           14           15
                                                            ------      -------      -------       ------      -------      -------
                                                            11,625      121,188       28,838          209        2,178       17,763
                                                            ======      =======      =======       ======      =======      =======

Net income for the LTM per Series A Share(3)                                                        0.001        0.013        0.108
Net income for the LTM  per ADS(3)                                                                  0.009        0.117        0.972
Weighted average common shares outstanding
  for the LTM (000's)(3)                                                                                       163,235      163,917
</TABLE>

--------------------------------------------------------------------------------
(1)   Peso amounts have been translated into U.S. dollars, solely for the
      convenience of the reader, at the rate of Ps. 10.425 per U.S. dollar, the
      noon buying rate for Pesos on December 31, 2002, as published by the
      Federal Reserve Bank of New York.

(2)   Broadcasting revenue for a particular period includes (as a
      reclassification of interest income) interest earned on funds received by
      the Company pursuant to advance sales of commercial air time to the extent
      that the underlying funds were earned by the Company during the period in
      question. Advances from advertisers are recognized as broadcasting revenue
      only when the corresponding commercial air time has been transmitted.
      Interest earned and treated as broadcasting revenue for the fourth quarter
      of 2002 and 2001 was Ps. 309,000 and Ps. 603,000, respectively. Interest
      earned and treated as broadcasting revenue for the twelve months ended
      December 31, 2002 and 2001 was Ps. 745,000 and Ps. 3,467,000,
      respectively.

(3)   Earnings per share calculations are made for the last twelve months as of
      the date of the Income statement, as required by the Mexican Stock
      Exchange.
<PAGE>

================================================================================
                        GRUPO RADIO CENTRO, S.A. DE C.V.
                     CONSOLIDATED UNAUDITED BALANCE SHEETS
                        as of December 31, 2002 and 2001
     in Mexican Pesos ("Ps.") with purchasing power as of December 31, 2002
          (figures in thousands of Ps. and U.S. dollars ("U.S. $")(1))
================================================================================

                                                       December 31
                                         --------------------------------------
                                                   2002                 2001
                                         ------------------------    ----------
                                          U.S. $(1)        Ps.           Ps.
                                         ----------    ----------    ----------
                   ASSETS
Current assets:
  Cash and temporary investments              3,771        39,315        70,436
                                         ----------    ----------    ----------
Accounts receivable:
  Broadcasting, net                          18,246       190,215       126,926
  Others                                        571         5,947         5,787
  Income tax recoverable                      1,672        17,427        47,305
  Value added tax recoverable                     0             0        10,761
                                         ----------    ----------    ----------
                                             20,489       213,589       190,779
Guarantee deposit                               663         6,915         7,258
Prepaid expenses                              1,554        16,197        14,100
                                         ----------    ----------    ----------
  Total current assets                       26,477       276,016       282,573
Prepaid expenses                             10,031       104,571       120,142
Excess cost over book value,
  net of subsidiaries                        77,642       809,417       882,413
Property and equipment, net                  45,753       476,973       507,007
Deferred charges, net                         1,700        17,719        15,930
Guarantee deposit                               719         7,491        14,517
Other assets                                    301         3,141         4,334
                                         ----------    ----------    ----------
           Total assets                     162,623     1,695,328     1,826,916
                                         ==========    ==========    ==========

                LIABILITIES
Short-Term:
  Bank loans                                 17,543       182,882       172,949
  Advances from customers                     1,517        15,818        56,814
  Other accounts payable and
    accrued expenses                          6,168        64,299        94,069
  Taxes payable                               1,278        13,319         6,729
                                         ----------    ----------    ----------
     Total short-term liabilities            26,506       276,318       330,561
Long-Term:
  Bank loans                                 15,203       158,487       225,496
  Reserve for seniority premiums              2,414        25,167        19,732
  Deferred taxes                              7,749        80,781        93,135
                                         ----------    ----------    ----------
           Total liabilities                 51,872       540,753       668,924

           STOCKHOLDERS' EQUITY:
Capital stock                                98,910     1,031,139     1,037,698
Retained earnings                            16,245       169,353       167,272
Reserve for repurchase of shares              3,508        36,567        34,733
Surplus on restatement of capital               400         4,166         4,005
Minority interest                                46           482           524
Accumulated effect of deferred
  income tax                                 (8,358)      (87,132)      (86,240)
                                         ----------    ----------    ----------
     Total stockholders'  equity            110,751     1,154,575     1,157,992
                                         ----------    ----------    ----------
           Total liabilities and
            stockholders' equity            162,623     1,695,328     1,826,916
                                         ==========    ==========    ==========

(1)   Peso amounts have been translated into U.S. dollars, solely for the
      convenience of the reader, at the rate of Ps. 10.425 per U.S. dollar, the
      noon buying rate for pesos on December 31, 2002, as published by the
      Federal Reserve Bank of New York.