United States
Securities and Exchange Commission
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934

For the month of July, 2005

GRUPO INDUSTRIAL MASECA, S.A. de C.V.

(MASECA INDUSTRIAL GROUP, INC.)
(Translation of Registrant's name into English)

Calzada del Valle Ote. 407
Col. Del Valle, San Pedro Garza Garcia, N.L. Mexico 66220
(Address of principal office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F X Form 40-F ___

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ___ No X

CONTENTS
* Press Release dated July 27, 2005

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.

GRUPO INDUSTRIAL MASECA, S.A. de C.V.

By /s/ Raul Alonso Pelaez Cano
___________________________
Raul Alonso Pelaez Cano
Chief Financial Officer
Date: July 27, 2005

Contacts:
Rogelio Sanchez (52 81) 8399-3312
rogelio_sanchez@gruma.com
Lilia Gomez (52 81) 8399-3324
lilia_gomez@gruma.com
Fax: (52 81) 8399-3359
Web site: http://www.gruma.com

Monterrey, N.L., Mexico, July 27, 2005

New York Stock Exchange: MSK
Bolsa Mexicana deValores: MASECAB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION FOR SECOND QUARTER 2005
(Peso amounts are stated in millions in constant terms as of June 30, 2005)

RESULTS OF OPERATIONS

2Q05 vs. 2Q04

Sales volume increased 4% to 373,296 metric tons during 2Q05 mainly as a result of the following:

(1) Increased sales to corporate customers;
(2) Increased sales to tortilla manufacturers; and
(3) Higher export sales to Gruma Corporation.

Net sales increased 5% to Ps 1,507 million, reflecting higher sales volume and, to a lesser extent, higher corn flour prices, which the company implemented selectively and gradually throughout 2004 and especially during 4Q04.

Cost of sales as a percentage of net sales improved to 71.8% compared to 74.3% as a result of (1) the aforementioned price increases, (2) better cost absorption (3) lower corn costs, and (4) lower depreciation as capital expenditures has been low. In absolute terms, cost of sales increased 1% in connection with sales volume growth.

Selling, general, and administrative expenses SG&A as a percentage of net sales, increased to 19.2% from 18.8% compared with second quarter 2004, and in absolute terms increased 6%. Both increases were due mainly to (1) higher freight expenses due to higher rates and increased sales to corporate customers, for whom the company usually pays freight expenses; and (2) higher advertising expenses stemming from the company's national marketing campaign.

Operating income as a percentage of net sales improved to 9.1% from 6.9% and, in absolute terms, increased 37% to Ps 137 million.

Comprehensive Financing Cost, Net, resulted in income of Ps 37 million, which represented an increase of Ps 14 million over that of second quarter 2004. This increase resulted from higher interest income in connection with higher cash balances and higher interest rates.

Provisions for income taxes and employees' profit sharing totaled Ps 50 million, compared to Ps 41 million in 2Q04. The Ps 9 million increase resulted from higher pretax income.

Majority net income increased 40% to Ps 114 million due mainly to higher operating income and higher interest income. Majority net income as a percentage of net sales increased to 7.6% from 5.6%.

FINANCIAL POSITION

June 2005 vs. June 2004

On June 30, 2005, total assets were Ps 7,414 million, 3% lower, due to (1) lower corn inventories resulting from a delay in the summer crop during 2005 and lower prices, and (2) reduced property, plant, and equipment in connection with the aforementioned write-down of the Chalco plant and depreciation exceeding capital expenditures.

Total liabilities on June 30, 2005, were Ps 1,390 million, representing an increase of 5%, due mostly to mainly to higher trade accounts payable.

Stockholders' equity on June 30, 2005, was Ps 6,023 million, representing a decrease of 5%

FINANCIAL RATIOS

Operational Ratios

2Q05 1Q05 2Q04 Accounts receivable outstanding (days to sales) 51 53 47 Inventory turnover (days to cost of sales) 71 68 125 Net working capital turnover (days to sales) 92 100 140 Asset turnover (total assets to sales) 1.2 1.3 1.3

Profitability Ratios

2Q05

1Q05

2Q04

ROA 6.4 5.9 5.1 ROE 7.8 7.1 6.2 ROIC 4.3 4.0

4.3

CONFERENCE CALL
The company will hold a conference call to discuss its second quarter 2005 results on July 28, 2005, at 11:30 a.m. ET (10:30 a.m. Mexico and CT, 9:30 a.m. MT, 8:30 a.m. PT). From the United States or Canada please call (800) 946-0705; international or local callers dial (719) 457-2637; the passcode for all callers is 6893234. The conference call will also be webcast live via the GRUMA corporate website, www.gruma.com. For the conference replay, please call (888) 203-1112 from the United States or Canada, or (719) 457-0820 for international or local callers; passcode 6893234. For more details, please go to the Investor Relations page of the website. The audio webcast will be archived on the site

ACCOUNTING PROCEDURES
All figures have been restated in Mexican pesos of constant purchasing power as of June 30, 2005, and were prepared in accordance with Mexican generally accepted accounting principles, commonly referred to as ''Mexican GAAP''. The restatement was prepared using factors derived from the Mexican National Consumer Price Index.

ABOUT GIMSA

Founded in 1949, GIMSA, S.A. de C.V., is the world's largest producer of corn flour. GIMSA is engaged principally in the production, distribution, and sale of corn flour in Mexico under the MASECA® brand name. GIMSA owns 17 production facilities located throughout the country and has an estimated annual corn flour capacity of 2.4 million metric tons. GIMSA's corn flour is used mainly in the preparation of tortillas and other related products.

This report may contain certain forward-looking statements and information relating to GIMSA, S.A. de C.V., that are based on the beliefs of its management as well as assumptions made by and information then available to GIMSA. Such statements reflect the views of GIMSA with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of GIMSA to be materially different from historical results or any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. Such factors include, among others, changes in economic, political, social, governmental, business, or other factors globally or in Mexico, as well as world and domestic corn prices. If one or more of these risks or uncertainties materializes, or underlying assumptions are proven incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or targeted. GIMSA does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

July 27, 2005

Comision Nacional Bancaria y de Valores
Avenida Insurgentes Sur # 1971
Colonia Guadalupe Inn
Delegacion Alvaro Obregon
Mexico, D.F. C.P. 01020

At'n: Karla Siller Ojeda
Chief Supervisor for Issuers

We, ROBERTO GONZALEZ BARRERA and JUAN ANTONIO QUIROGA GARCIA, Chief Executive Officer and Senior Corporate Controller, respectively, of GRUPO INDUSTRIAL MASECA, S.A. DE C.V. (the ''Issuer''), in accordance with article 33, section II of the Disposiciones de Caracter General Aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores (''Mexican General Applicable Rules for Securities Issuers and Other Participants in the Securities Market''), hereby state under oath that, within the scope of our duties, we prepared the information contained in this quarterly report which, to the best of our knowledge, fairly presents the Issuer's condition. Furthermore, we state that we do not have knowledge of omitted or untrue material information in this quarterly report or that it contains information that might mislead investors.

GRUPO INDUSTRIAL MASECA, S.A. DE C.V.

/s/
____________________________
Name: Roberto Gonzalez Barrera
Title: Chief Executive Officer

/s/
_______________________________
Name: Juan Antonio Quiroga Garcia
Title: Senior Corporate Controller

GRUPO INDUSTRIAL MASECA S A DE C V 6-K