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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES FINAL DIVIDEND FOR THE YEAR ENDED DEC. 31, 1991; ANNOUNCES 1992 DIVIDEND POLICY

 COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES FINAL DIVIDEND
 FOR THE YEAR ENDED DEC. 31, 1991; ANNOUNCES 1992 DIVIDEND POLICY
 SANTIAGO, Chile, March 26 /PRNewswire/ -- The board of directors of Compania de Telefonos de Chile S.A. (NYSE: CTC), today announced that it will propose to the company's annual shareholders' meeting, scheduled in Santiago on April 24, the payment of a final dividend for 1991 of Ch$7.09878 per common share. For illustrative purposes only, this represents US$0.3431 per ADR (before withholding tax) at the current Ch$/U.S. dollar exchange rate.
 If approved, the payment of this dividend will be made on May 14, 1992 in Chile and on June 5, 1992 in the United States. Record holders as of May 8, 1992 will be entitled to receive the dividend. Including this payment, dividends paid by CTC in respect of 1991's net income will total Ch$39.56878 per share, or US$1.91 per ADR.
 The board also announced its dividend policy for 1992. CTC will continue paying quarterly dividends between 40 percent and 55 percent of, and the total distribution for the year will be between 60 percent and 70 percent of, realized net income (net income after deduction of any unrealized profits pursuant to the application of inflation accounting).
 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'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 two principal metropolitan areas of Chile, Santiago and Valparaiso.
 -0- 3/26/92
 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, 011-562-696-1147; or Joseph N. Jaffoni 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: DIV


AH-OS -- NY055 -- 1993 03/26/92 12:56 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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