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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS U.S. GAAP FOR THE FIRST QUARTER ENDED MARCH 31, 1993

 SANTIAGO, Chile, July 14 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC) today announced its financial results stated in U.S. GAAP (accounting for inflation and in pesos of constant value) for the first quarter ended March 31, 1993.
 Highlights in U.S. GAAP for the 1993 three months as compared to the 1992 period include:
 -- Operating revenues increased 24.3 percent.
 -- Operating income before a special provision for additional accelerated depreciation of telephone equipment being withdrawn, increased 29.6 percent and consequently operating margin on that basis grew from 39.1 to 42.0 percent.
 -- During the first quarter of 1993, the company's results were affected by the devaluation of the Chilean Peso against the US dollar. This is the opposite of what happened in the corresponding quarter of 1992, when a significant gain resulted from the revaluation of the Chilean peso against the US dollar.
 -- Net income before the special depreciation provision and the effect of devaluation increased 53.2 percent. After these items, net income decreased 29.0 percent in relation to the first quarter 1992 to $43.4 million. However, cash flow increased 26.6 percent to $93.5 million.
 -- At March 31, 1993, the company had 1,248,247 lines in service, up 21.8 percent from 1,024,486 lines at March 31, 1992.
 The better than expected operating margins permitted CTC to achieve its budget for the first quarter, in spite of the special issues noted above, and CTC's budget for the year remains unchanged.
 The company stated that its financial results for the first semester of 1993, expressed in Chilean GAAP, will be released before the end of the current month.
 Compania de Telefonos de Chile S.A., the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile providing local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides. Additionally, the company operates a cellular network in the two principal metropolitan areas of Chile, Santiago, and Valparaiso.
 COMPANIA DE TELEFONOS DE CHILE S.A.
 Consolidated Statements of Income (Unaudited)
 (prepared in accordance with U.S. GAAP)
 (in thousands except share and per share data)
 Three months ended March 31, 1992 1993 1993
 Ch$ Ch$ US$
 Operating revenues:
 Tariff-regulated services 48,909 68,808 151.3
 Other 14,214 15,511 38.6
 Total operating revenues 63,123 76,319 189.9
 Operating costs and expenses:
 Operating salaries and
 related costs 4,862 5,899 14.7
 Depreciation and amortization 8,030 14,220 35.4
 Other operating costs 9,845 10,401 25.8
 Cost of long distance service 10,433 10,247 25.5
 Administrative & selling costs 5,238 7,185 17.9
 Total operating costs
 and expenses 38,408 47,952 119.3
 Operating income 24,715 28,367 70.6
 Operating income (expenses):
 Interest income 2,108 2,210 5.5
 Capitalized interest (1,147) 2,486 6.2
 Interest expense (5,103) (6,678) (16.6)
 Purchasing power gain 3,674 1,690 4.2
 Other 3,818 (8,934) (22.3)
 Total other income
 (expenses)-net 3,350 (9,226) (23.0)
 Income before income tax 28,065 19,141 47.6
 Income tax (3,463) (1,677) (4.2)
 Net income 24,602 17,464 43.4
 Earnings per common share 28.65 20.33 0.05
 Weighted average number of shares
 fully paid and
 outstanding 858,835,458 858,835,458 858,835,458
 -0- 7/14/93
 /CONTACT: Alejandro Rivera, head of investor relations of Compania de Telefonos de Chile, 011-562-696-1147, or Felicia Vonella 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

MP-LR -- NY019 -- 1261 07/14/93 09:39 EDT
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Date:Jul 14, 1993
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