GCC Reports Third Quarter 2007 Results

GCC registered double-digit sales growth driven by volume gains for allproducts in Mexico and the United States, and for cement in Bolivia. TheCompany's product and market diversification, combined with its leadershipposition, generated solid performance despite the slowdown in the U.S.construction industry.

    -- Net sales in the third quarter of 2007 increased 10.6% to $2.4 billion       pesos    -- Higher sales volumes and a better pricing environment seen for most of       GCC's products    -- Operating cash flow (EBITDA) rose 8.1% to $832.5 million pesos    -- Net income increased 22.1% in the third quarter to $526.8 million pesos    KEY FIGURES                                    3Q 2007        3Q 2006        Var    Net sales                       2,442.0        2,207.6       10.6%    Operating income                  667.8          619.3        7.8%    EBITDA                            832.5          770.3        8.1%    Net consolidated income           526.8          431.6       22.1%    Free cash flow                    732.4          218.4      235.3%    Shares outstanding                327.4          327.9    EPS                                1.61           1.32       22.0%    Net debt                        5,652.0        4,668.2       21.1%    Net debt / EBITDA                  1.99           1.93    Figures in millions of pesos and millions of shares, except EPS    EBITDA = operating income + depreciation and amortization

Financial Results

Net Sales increased 10.6% in the third quarter of 2007, to$2,442.0 million pesos, reflecting a 10.1% increase in international sales(U.S. and Bolivia) and 11.7% domestically.

In the U.S., sales rose 12.8% in the quarter as a result of higher cementand concrete sales volumes and a better pricing environment. This wasprimarily driven by greater commercial investment in the markets where GCCoperates.

In Mexico, the 11.7% growth in net sales was the result of higher volumesin all of GCC's product lines. These increases were driven by strong state andmunicipal investment in public infrastructure projects.

In the third quarter of 2007, GCC's proportional share of sales in Boliviarepresented 7.7% of total sales. The 6.9% decline in sales in Bolivia was acombination of the following factors: an 8.5% increase in cement volume and a340% increase in aggregate volume, driven by greater demand in the self-construction sector, and a 17.3% decline in concrete volume due to start-updelays in highway projects.

On a cumulative basis, GCC's net sales in the first nine months of 2007rose 16.7% over the same period of last year, based on increases of 23.7% and14.8% in the United States and Mexico, respectively, reflecting the successfulintegration of concrete companies acquired in the U.S. as well as solidorganic growth in each market.

    NET SALES (millions of pesos)                    3Q 2007    3Q 2006     Var     9M 2007     9M 2006    Var    Consolidated    2,442.0    2,207.6    10.6%    6,399.4     5,481.8   16.7%    Mexico            826.9      740.6    11.7%    2,372.2     2,066.7   14.8%    United States   1,426.1    1,264.1    12.8%    3,506.1     2,834.2   23.7%    Bolivia           189.0      202.9    -6.9%      521.1       580.9  -10.3%    CHANGE IN SALES VOLUMES (%)                        3Q 2007 vs. 3Q 2006        9M 2007 vs. 9M 2006    Cement                     11.8%                      4.3%    Concrete                   10.8%                     35.7%    Block                       4.6%                      9.7%    Aggregates                  7.9%                     21.9%

Cost of Sales represented 64.3% of sales, an increase of 0.3 percentagepoints from the third quarter of last year, primarily due to two factors: pre-operating costs at the new cement plant in Pueblo, Colorado, which is in thelast phase of construction, and higher depreciation. In the first nine monthsof 2007, cost of sales was 64.8% of net sales, compared to 64.5% in the yearago period, reflecting the integration of Mid-Continent Concrete Company, Inc.(MidCo), acquired in the second quarter of 2006, and the aforementioned pre-operating costs.

Sales and Administrative Expenses in the quarter represented 8.3% ofsales. In the first nine months of the year, these expenses declined 0.3percentage points, representing 8.8% of sales, primarily due to the benefit ofthe MidCo integration.

Operating Income rose 7.8% in the third quarter of the year to $667.8million pesos. The 0.8 percentage point decrease in the operating margin wasdue to higher cost of sales and SG&A expenses. In the first nine months of theyear, operating income rose 17.2% compared to the same period of 2006; theoperating margin increased by 0.1 percentage points, primarily because oflower SG&A expenses.

The Company registered Other Expenses of $30.7 million pesos in the thirdquarter of 2007, 4.1% lower than in the year ago period. Other expensesincurred in the first nine months of 2007 declined 18.0% compared to the sameperiod of last year.

Operating Cash Flow (EBITDA) increased 8.1% in the third quarter to $832.5million pesos, with a 0.8 percentage point decline in the margin due to highercost of sales and SG&A expenses. On a cumulative basis, EBITDA and EBITDAmargin increased by 17.7% and 0.3 percentage points, respectively, as a resultof higher sales and lower SG&A expenses in the first nine months of 2007compared to the same period of the previous year.

GCC generated Free Cash Flow of $732.4 million pesos in the third quarterof the year, an increase of 235.3% compared to the third quarter of 2006. Thisprimarily resulted from a combination of the following factors: a decrease inworking capital and higher capital expenditures. In the first nine months ofthe year, free cash flow totaled $1,509.3 million pesos, an increase of 36.0%compared to the same period of 2006 due to higher EBITDA, the decrease inworking capital and lower anti-dumping duties. In addition, there was a netinterest expense in the current period, compared to interest income generatedin the previous period, as well as higher capital expenditures.

    EBITDA AND FREE CASH FLOW (millions of pesos)                     3Q 2007    3Q 2006     Var     9M 2007   9M 2006     Var    Operating income   667.8      619.3     7.8%    1,690.5   1,442.1    17.2%    Depreciation     and amortization  164.7      151.0     9.1%      501.6     421.1    19.1%    EBITDA             832.5      770.3     8.1%    2,192.1   1,862.2    17.7%    Net interest     expense           (54.4)     (75.7)  -28.1%     (186.9)    141.4      --    Change in working     capital           126.5     (349.7) -136.2%     (169.0)   (539.3)  -68.7%    Taxes paid     in cash           (11.5)     (22.6)  -49.1%      (30.3)    (58.6)  -48.3%    Dumping charges     paid in cash       (5.0)      (5.3)   -5.7%      (13.8)    (58.1)  -76.2%    Capital     expenditures*    (119.9)     (59.5)  101.5%     (197.6)   (134.7)   46.7%    Other              (35.9)     (37.2)   -3.5%      (85.2)   (103.9)  -18.0%    Free cash flow     732.4      218.4   235.3%    1,509.3   1,110.0    36.0%    * Excludes investments in new production capacity and acquisitions.

Comprehensive Financing Result in the third quarter was a $19.9 millionpeso cost, compared to $11.8 million pesos in the same quarter of last year.This was primarily due to an exchange loss in the third quarter of 2007,compared to an exchange gain in the year ago period. The comprehensivefinancing result for the first nine months of the year was a $1.1 million pesocost, compared to $93.8 million pesos in the same period of last year, duemainly to a gain in the monetary position.

GCC registered Non-Ordinary Costs of $5.2 million pesos in the thirdquarter of 2007, compared to $7.1 million pesos in the year ago period. In thefirst nine months of 2007, non-ordinary costs were $14.8 million pesos,compared to a gain of $466.2 million pesos in the same period of 2006, whichresulted from the reimbursement of anti-dumping deposits made in previousyears and the cancellation of anti-dumping reserves, both as a result of thenew trade agreement on the import of cement signed between the governments ofthe U.S. and Mexico in March 2006.

Consolidated Net Income in the third quarter of the year rose 22.1% to$526.8 million pesos, with a 2.0 percentage point gain in the margin. As aresult of the non-ordinary income item registered in the second quarter of2006, cumulative net income to September 2007 declined 6.7%. Excluding thatgain, net income would have increased 36.7% in the first nine months of 2007.

The Company's Interest-Bearing Debt increased 4.8% year over year due to acredit facility obtained to finance construction of the cement plant inPueblo, Colorado.

    INTEREST-BEARING DEBT (millions of pesos)                            GCC        SOBOCE*        CONSOLIDATED    TOTAL                 5,909.2       492.1           6,401.3      Short-term              8.2        80.0              88.2      Long-term           5,901.0       412.1           6,313.1    *GCC's proportional share

As of September 30, 2007, net debt totaled $5,652.0 million pesos and thenet debt to EBITDA ratio was 2.0 times.

The Company's Total Assets as of September 2007 totaled $18,767.1 millionpesos, an increase of 9.5% compared to the year ago period, reflecting capitalinvestments in the new cement plant in Pueblo, Colorado.

Basis of Preparation of Financial Statements

All figures herein were prepared in accordance with Mexican FinancialReporting Standards, and have been restated in constant Mexican pesos withpurchasing power as of September 30, 2007. Unless otherwise stated, allpercentage changes refer to the 2007 figures compared to those of the sameperiod in 2006, and are expressed in real terms.

GCC consolidates the 47.02% stake in Sociedad Boliviana de Cemento, S.A.(SOBOCE) and subsidiaries in which it holds common control. The consolidationis undertaken in accordance with the proportional consolidation method set outin International Accounting Standards "Financial Reporting of Interest inJoint Ventures" (IAS 31). Pro forma results excluding SOBOCE are provided inthe full financial statements.

About GCC

GCC is a leading supplier of cement, aggregates, concrete andconstruction-related services in Mexico and the United States, and holds aninterest in Bolivia's largest cement company. The Company's annual cementproduction capacity is 4.0 million tons.

Founded in 1941, the Company's shares trade on the Mexican Stock Exchangeunder the ticker symbol GCC*.

This document contains forward-looking statements relating to GrupoCementos de Chihuahua S.A.B. de C.V. and subsidiaries (GCC) based uponmanagement projections. These projections reflect GCC's opinion on futureevents that may be subject to a number of risks and uncertainties. Variousfactors may cause actual results to differ from those expressed herein,including, among others, changes in macroeconomic, political, governmental orbusiness conditions in the markets where GCC operates; changes in interestrates, inflation rates and currency exchange rates; construction industryperformance; pricing, business strategy and other factors. Should one or moreof these risks or uncertainties materialize, or should underlying assumptionsprove incorrect, actual results may vary materially from those describedherein. GCC assumes no obligation to update or correct the informationcontained in this press release.

  (Full financial statements, including pro forma results, are available on                        GCC's website at )    For more information:        Luis Carlos Arias: (52) 614 442 3217    Victor Barriguete: (52) 614 442 3189