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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS IN US GAAP FOR THE YEAR ENDED DEC. 31, 1992 AND DECLARATION OF 1993 DIVIDEND POLICY

 SANTIAGO, Chile, March 1 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC), today released its operating results stated in U.S. GAAP and in U.S. dollars for the year ended Dec. 31, 1992.
 Operating revenues for the year increased 20.0 percent to approximately $630 million compared to $536.0 million in 1991. Operating revenues derived from services subject to tariff regulation grew 17.4 percent to $484.9 million and revenues from non-tariff regulated businesses increased 28.8 percent to $158.2 million.
 During 1992, the Company increased the number of telephone lines in service by 216,478, the best performance in the company's history. Total lines in service at Dec. 31, 1992 were 1,213,216, up 21.7 percent from 996,738 lines at Dec. 31, 1991. Additionally, the proportion of lines connected to digital exchanges increased to 76.0 percent. Further, property, plant and equipment (net) increased 15.2 percent to $1,839.5 million at Dec. 31, 1992.
 In spite of a 20.8 percent increase in operating costs and expenses, operating income increased 18.5 percent to $224.8 million. The increase in operating costs and expenses was principally due to a 29.4 percent increase in depreciation charges, which included $12.7 million of additional depreciation charged pursuant to the planned withdrawal of the remaining non-digital exchanges. For 1992, the company achieved a 35.0 percent operating margin or 36.9 percent without taking into consideration non-recurring revenues and charges, up from 35.4 percent obtained in 1991.
 Capitalized interest during 1992 decreased 34.1 percent to $19.9 million from $30.3 in 1991, due to declining real interest rates as well as a decrease in construction in progress.
 As a result of all the above, net income increased 16.8 percent from $154.2 million in 1991 to $180.1 million in 1992. Likewise, net income for the fourth quarter 1992 increased 26.5 percent over the same period 1991.
 The average number of fully paid shares outstanding during 1992 increased by 0.3 percent and earnings per common share for the period increased 16.5 percent representing $3.57 per ADS for the year.
 1993 Dividend Policy
 The board of directors of CTC has announced its dividend policy for 1993. Continuing with its policy increasing the proportion of earnings retained by the company, the board intends that total distribution for the 1993 financial year should increase by a maximum of 5 percent in real terms in relation to dividend for the 1992 financial year, and provided that total dividends distributed do not exceed 60 percent of Realized Net Income. CTC will continue paying four interim quarterly dividends and a final dividend. Dividends for the first three quarters of 1993 may not exceed 70 percent of Realized Net Income for each respective quarter, while the fourth quarter dividend will be an amount that, together with the three previous dividends paid, may not exceed 75 percent of the nine months Realized Net Income. CTC expects payments of dividends in amounts in real terms at least equal to those paid in respect of 1992 earnings.
 Compania de Telefonos de Chile S.A., the first South American company to list its share on the New York Stock Exchange, is the largest telecommunications enterprise in Chile providing, local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides. Additionally, the company operates a cellular network in the two principal metropolitan areas of Chile, Santiago and Valparaiso.
 COMPANIA DE TELEFONOS DE CHILE S.A. AND SUBSIDIARIES
 Summary Financial Information (A)
 Adjusted for general price-level changes and expressed in
 millions of constant Chilean pesos of Dec. 31, 1992 and
 of United States dollars
 (except number of Shares and per Share amounts)
 For the period ended Dec. 31, 1991 1992 1992
 INCOME STATEMENT DATA (CH$) (CH$) (US$)
 Operating revenues 204,820 245,751 643.1
 Operating Costs and Expenses 132,341 159,850 418.3
 Operating Income 72,479 85,901 224.8
 Income before income tax 67,602 79,905 209.1
 Income tax (8,695) (11,078) (29.0)
 Net Income 58,907 68,727 180.1
 Earnings per common share 68.79 80.14 0.21
 Earnings per ADS (B)(C) 1,171.30 1,362.38 3.57
 Weighted average number of
 shares fully paid and
 outstanding 856,336,213 858,835,458 858,835,458
 BALANCE SHEET DATA
 Current Assets 122,468 125,838 329.3
 Property, plant and
 equipment, net 610,291 702,901 1,839.5
 Total assets 747,761 844,658 2,210.5
 Total current liabilities 89,639 104,531 273.6
 Total long term liabilities 265,159 317,740 831.5
 Total shareholders equity 392,963 422,387 1,105.4
 NOTE: An exchange rate of US$1 equals CH$382.12 was used.
 (A) Consolidated financial statements prepared in accordance with accounting principles generally accepted in the U.S.A.
 (B) Earnings per share have been computed using the weighted average number of shares fully paid and outstanding during each period presented.
 (C) Calculated on the basis that each ADS represents 17 shares of series A Common Stock.
 CONSOLIDATED STATEMENTS OF INCOME
 Prepared in accordance with U.S. GAAP
 Adjusted for general price-level changes and expressed in
 millions of constant Chilean pesos of Dec. 31, 1992 and
 of United States dollars
 (except number of Shares and per Share amounts)
 For the three months ended Dec. 31, 1991 1992 1992
 CH$ CH$ US$
 Operating Revenues
 Tariff-regulated services 46,525 52,870 138.4
 Other 13,473 17,825 46.6
 Total Operating Revenues 59,998 70,695 185.0
 Operating Costs and Expenses
 Operating salaries and related
 costs 8,404 9,621 25.2
 Depreciation and amortization 10,243 12,328 32.3
 Other operating costs 10,023 8,958 23.4
 Cost of ENTEL services 3,530 4,312 11.3
 Administrative and selling costs 7,554 11,691 30.6
 Total Operating Costs and
 Expenses 39,754 46,910 122.8
 Operating Income 20,244 23,785 62.2
 Other Income Expenses:
 Interest income 2,806 2,478 6.5
 Capitalized interest 3,314 (2,024) (5.3)
 Interest expenses (6,678) (4,199) (10.9)
 Purchasing power gain 8,643 10,526 27.5
 Other (12,690) (8,823) (23.1)
 Total other income (expenses) (4,605) (2,042) (5.3)
 Income before income tax 15,639 21,743 56.9
 Income tax (1,471) (3,816) (10.0)
 Net income 14,168 17,927 46.9
 Earnings per common share 16.5 20.9 0.05
 Weighted average number of
 shares fully paid and
 outstanding 858,835,458 858,835,458 858,835,458
 -0- 3/1/93
 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, 011-562-696-1147; or Joseph N. Jaffoni of Dewe Rogerson Inc. 212-688-6840, for Compania de Telefonos de Chile/


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

SH -- NY037 -- 1332 03/01/93 10:52 EST
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