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COMPANIA DE TELEFONOS DE CHILE ANNOUNCES RESULTS FOR THE NINE MONTHS ENDED SEPT. 30, 1991; DECLARES FOURTH QUARTER DIVIDEND PAY-OUT RATE

 COMPANIA DE TELEFONOS DE CHILE ANNOUNCES RESULTS FOR THE NINE MONTHS
 ENDED SEPT. 30, 1991; DECLARES FOURTH QUARTER DIVIDEND PAY-OUT RATE
 SANTIAGO, Chile, Dec. 23 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC) today announced its results in U.S. GAAP for the third quarter and nine months ended Sept. 30, 1991.
 The company reported net income for the first nine months of Ch$37,311 million (US$104.4 million), a 25.3 percent increase over the corresponding period of 1990. Earnings per share were Ch$43.55 (US$0.12 per share or US$2.04 per ADS), representing a 9.0 percent increase which was achieved despite a 14.9 percent increase in the average number of fully paid shares outstanding during the period.
 The company reported a 20.8 percent increase in operating revenues, to Ch$120.774 million partly offset by a 18.9 percent increase in operating costs and expenses. Revenues from tariff-regulated services, which grew 24.1 percent, and particularly revenues from local service, contributed to the increase in operating revenues. Costs due to the continued implementation of the company's development plan, higher activity of the company and a provision for the amortization of certain unused equipment combined to increase operating costs and expenses by 18.9 percent for the nine-month 1991 period.
 Revenues from tariff-regulated services (local service, domestic long distance and interconnecting for international long distance service and line sales and connections) grew 21.4 percent and services not subject to tariff regulation (public telephones, cellular telephones, directory advertising, local service equipment rental and sales of telecommunications equipment) increased 18.8 percent.
 At the end of the nine month 1991 period, the company had 917,451 lines in service, up 23.2 percent from 744,538 such lines at Sept. 30, 1990. In addition, property, plant and equipment (net) increased 18.8 percent to Ch$487.6 billion (US$1,364.9 million).
 During the third quarter of 1991, CTC announced that in accordance with its dividend policy, it would be paying a dividend (No. 114) in respect of the fourth quarter's net income on March 4, 1992. CTC's quarterly dividend represents 52.5 percent of the respective quarter's net income.
 Separately, the company reported that Gerardo Marti Casadevall has voluntarily resigned his position as an alternate Series A director. Oscar Guillermo Garreton Purcell has been named as the replacement alternate Series A director. Garreton, 48, has a degree in business management and is the chairman of the board of the company that operates Santiago's subway system.
 Compania de Telefonos de Chile, the first Latin American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, owning approximately 95 percent of all telephone lines in the country. The company's business is providing local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides. Additionally, the company operates a cellular network in the two principal metropolitan areas of Chile, Santiago and Valparaiso.
 COMPANIA DE TELEFONOS DE CHILE
 Consolidated Statements of Income (Unaudited)
 (Prepared in accordance with U.S. GAAP)
 For the nine months 1990 1991 1991
 ended Sept. 30 (A) Ch$ Ch$ US$(B)
 Operating revenues:
 Tariff-regulated services 76,518 92,867 259.9
 Other 23,489 27,907 78.1
 Total operating revenues 100,007 120,774 338.0
 Operating costs and expenses:
 Operating salaries/related costs 17,047 16,908 47.3
 Depreciation and amortization 13,598 16,831 47.1
 Other operating costs 16,643 23,680 66.3
 Cost of ENTEL services 8,161 8,330 23.3
 Administrative and selling costs 11,427 13,754 38.5
 Total operating costs and exps. 66,876 79,503 222.5
 Operating income 33,131 41,271 115.5
 Other income (expenses):
 Interest income 6,625 6,198 17.3
 Capitalized interest 10,175 6,885 19.3
 Interest expense (16,095) (12,578) (35.2)
 Purchasing power gain 17,134 16,374 45.8
 Gain on foreign currency trans. 699 (768) (2.1)
 Loss on indexation (15,688) (11,803) (33.0)
 Other (2,242) (2,244) (6.3)
 Total other income - net 608 2,064 5.8
 Income before income tax 33,739 43,335 121.3
 Income tax (3,962) (6,024) (16.9)
 Net income 29,777 37,311 104.4
 Earnings per common share 39.95 43.55 0.12
 Weighted average no. of shares
 fully paid and outstanding 745,287,803 856,650,055 856,650,055
 (A) -- Adjusted for general price-level changes and expressed in millions of constant Chilean pesos of Sept. 30, 1991, where 1 Ch$ equals 357.29 U.S.$ (except number of shares and per share amounts).
 (B) -- The translations of Chilean peso amounts into U.S. dollar amounts are included solely for the convenience of readers in the United States.
 For the three months 1990 1991 1991
 ended Sept. 30 Ch$ Ch$ US$
 Operating revenues:
 Tariff-regulated services 26,845 33,265 93.1
 Other 7,453 9,535 26.7
 Total operating revenues 34,298 42,800 119.8
 Operating costs and expenses:
 Operating salaries/related costs 7,338 6,436 18.0
 Depreciation and amortization 4,766 5,858 16.4
 Amort. satellite link project -- 435 1.2
 Other operating costs 4,417 5,497 15.4
 Cost of ENTEL services 3,357 3,108 8.7
 Administrative and selling costs 3,960 5,646 15.8
 Total operating costs and exps. 23,838 26,980 75.5
 Operating income 10,460 15,820 44.3
 Other income (expenses):
 Interest income 2,535 1,879 5.3
 Capitalized interest 3,926 2,737 7.7
 Interest expense (5,546) (4,549) (12.7)
 Purchasing power gain 6,233 6,943 19.4
 Gain on foreign currency trans. (714) (2,610) (7.3)
 Loss on indexation (5,798) (5,678) (15.9)
 Other 95 (791) (2.2)
 Total other income - net 731 (2,069) (5.8)
 Income before income tax 11,191 13,751 38.5
 Income tax (3,962) (1,684) (4.7)
 Net income 7,229 12,067 33.8
 Earnings per common share (Ch$) 8.8 14.1 0.04
 Earnings per ADS (Ch$) 149.8 238.9 0.67
 Weighted average no. of shares
 fully paid and outstanding 820.3M 858.8M
 -0- 12/23/91
 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, in Chile, 011-562-696-1147; or Felicia 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 DIV


GK-OS -- NY017 -- 4774 12/23/91 10:44 EST
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