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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES FIRST QUARTER 1993 DIVIDEND AND FINAL DIVIDEND FOR 1992

 SANTIAGO, Chile, April 16 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC), today announced that in accordance with the company's dividend policy, the first quarterly interim dividend (No. 121) for 1993 will be paid to all shareholders of record as of May 6, 1993.
 The dividend will be paid by The Bank of New York, simultaneously with the final dividend for the year ended Dec. 31, 1992 (No. 120), to American Depositary Receipt (ADR) holders on June 3, 1992, as follows:
 Amount Per ADR
 (Chilean pesos)
 Dividend Dividend Total
 No. 120 No. 121
 Gross dividend rate 168.30 182.68
 Withholding tax
 (26.6458 percent) 52.26 56.73
 Net dividend payable 116.04 125.95 241.99
 Estimated U.S.
 translation (A) 29.03 31.51 60.54
 NOTE: (A) In U.S. cents, calculated using the observed rate on April 16, 1993 of $1 = CH$ 399.69 for illustration purposes only.
 Compania de Telefonos S.A., the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile providing local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides. Additionally, the company operates a cellular network in the two principal metropolitan areas of Chile, Santiago and Valparaiso.
 -0- 4/16/93
 /CONTACT: Alejandro Rivera, head of investor relations of Compania de Telefonos de Chile, 011-562-696-1147, or Joseph N. Jaffoni or Felicia Vonella, both of Dewe Rogerson, Inc., 212-688-6840, for Compania de Telefonos de Chile/
 (CTC)


CO: Compania de Telefonos de Chile S.A. ST: IN: TLS SU: ERN

LD-TM -- NY083 -- 7013 04/16/93 18:59 EDT
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