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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1992 AND DECLARATION OF FIRST QUARTER DIVIDEND

COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1992 AND DECLARATION OF FIRST QUARTER DIVIDEND
 SANTIAGO, Chile, April 24 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC) today announced it has filed its financial results stated in Chilean GAAP (accounting for inflation and in pesos of constant value) for the first quarter ended March 31, 1992.
 Highlights in Chilean GAAP for the 1992 period as compared to the 1991 period include:
 -- Operating revenues up 26.6 percent
 -- Income before income tax increased 63.6 percent
 -- Net income increased 66.8 percent, of which 30.9 percent was contributed by non-operating income; and,
 -- Earnings per common share rose 64.8 percent.
 At March 31, 1992, the company had 1,024,486 lines in service, up 22.1 percent from 839,305 lines at March 31, 1991.
 The company stated that more detailed information about its financial results for the first quarter of 1992, expressed in U.S. GAAP, will be released next month. Until U.S. GAAP information is available, investor may call Dewe Rogerson Inc. at 212-688-6840 to request a copy of the company's filing of its results with the Chilean Securities Commission.
 First Quarter Dividend
 CTC also announced today that in accordance with the company's dividend policy, quarterly interim dividend (No. 116) will be paid in respect of the first quarter 1992 net income to all shareholders of record on May 8, 1992.
 The dividend represents 52.5 percent of such quarter's realized net income and will be paid, simultaneously with the final dividend for the year ended Dec. 31, 1991 (No. 115), to American Depositary Receipt (ADR) holders by the Bank of New York on June 5, 1992 as follows:
 Amount Per Data
 (Chilean Pesos)
 Dividend No. 115 Dividend No. 116
 Gross Dividend Rate 120.68 161.94
 Withholding Tax (26,6458 pct.) 32.30 43.34
 Net dividend payable 88.38 118.60
 Estimated U.S. translation (A) 25.51 34.23
 (A) In U.S. cents, calculated using the observed rate on April 23, 1992 of $1 - CH$346.48 for illustration purposes only.
 Compania de Telefonos de Chile, the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, owning approximately 95 percent of all telephone lines in the country. THe company business is 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 two principal metropolitan areas of Chile, Santiago and Valparaiso.
 -0- 4/24/92
 /CONTACT: Jamie Charles, vice president of Compania de Telefonos de Chile, 011-562-696-1147, or Falecia Vonella of Dewe Rogerson, 212-688-6840, for Compania de Telefonos de Chile/
 (CTC) CO: Compania de Telefonos de Chile S.A. ST: IN: TLS SU: ERN


KD-AH -- NY091 -- 2719 04/24/92 17:07 EDT
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Date:Apr 24, 1992
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