UPDATE 2-Mexico's ICA sees 2008 revenue up 15-20 pct

(Adds project details, background, byline)

By Chris Aspin

MEXICO CITY, April 29 (Reuters) - ICA, Mexico's largest construction company, said on Tuesday it expected revenue to rise by 15 to 20 percent in 2008, but added that it was worried by delays in receiving building permits and rights of way.

ICA's shares fell on the Mexican bourse and in New York.

"On a consolidated level, we expect revenue to increase between 15 and 20 percent over the 22.5 billion pesos ($2.1 billion) recorded in 2007," Chief Financial Officer AlonsoQuintana told a conference call with analysts.

However, he added: "Our revenue growth expectations could be affected by delays in receiving rights of way or required permits from the government agencies. We are currently experiencing some of these delays."

ICA (ICA.MX) shares fell 3.04 percent to 64.00 pesos, while its New York-traded stock (ICA.N) ease 3.77 percent to $24.23.

On Monday, ICA reported a 12 percent rise in first-quarter net profit, driven by higher revenues from construction, infrastructure and housing projects.

ICA earned 28 million pesos ($2.6 million) in the January-March period while revenue was 5.221 billion pesos ($491 million), up 8 percent over the year-earlier quarter.

The company also had a work backlog of 21 months of sales, or 29.117 billion pesos, and Quintana said he would be happy to maintain that backlog rate.

"Just by keeping the amount of backlog that we have right now, we would feel very comfortable," he said.

ICA planned to bid for about $20 billion of projects in Mexico this year, he said.

Among the main projects it wants to win are an estimated $1 billion subway line in Mexico City, a bypass at Irapuato, a sewage tunnel and a road tunnel in the capital, a road in the state of Oaxaca, a train line on the outskirts of Mexico City and the planned Durango-Mazatlan road, Quintana said.

ICA said on Monday that its net debt totaled 5.583 billion pesos ($530 million) at the end of the first quarter, and Quintana said it would move higher in coming quarters.

"We are going to be increasing, a little, our debt just because of the ramp-up stage of many of the projects that we already have," he said. "One example is the La Yesca (hydroelectric dam) project which is just starting."

($1 = 10.519 pesos) (Additional reporting by Gabriela Lopez; editing by Ted Kerr)