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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES ITS RESULTS IN CHILEAN GAAP FOR THE YEAR ENDED DEC. 31, 1992

 SANTIAGO, Chile, Jan. 29 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC) today announced its financial results stated in Chilean GAAP (price-level restated in pesos of constant value) for the year ended Dec. 31, 1992.
 Highlights in Chilean GAAP for the 1992 year as compared to 1991 include:
 -- Operating revenues increased 20.2 percent;
 -- Operating income increased 17.6 percent;
 -- Operating margin decreased to 35.8 percent from 36.6 percent;
 -- Income before income tax increased 27.0 percent;
 -- Net income and earnings per common share rose 25.4 percent.
 The above results are after a special provision for the partial write-off of CTC's remaining non-digital exchanges. The write-off follows management's decision to digitalize fully its network by the end of 1993. Such provision amounted to the equivalent of 5.5 percent of total operating income. Absent this provision, operating margin would have increased to 37.8 percent. At Dec. 31, 1992, the company had 1,213,216 lines in service, up 21.7 percent from 996,738 lines at Dec. 31, 1991.
 Net income for 1992 determined in accordance with Chilean GAAP was CH$70,473 million (US$184.4 million), although net income when determined under U.S. GAAP may differ.
 The company stated that more detailed information about its financial results for 1992, expressed in U.S. GAAP, will be released next month. Until U.S. GAAP information is available, investors 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.
 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 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- 1/29/93
 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, in Chile, 011-562-696-1147; or Felicia Vonella of Dewe Rogerson, in New York, 212-688-6840, for Compania de Telefonos de Chile/
 (CTC)


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

GK -- NY072 -- 0874 01/29/93 15:43 EST
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Date:Jan 29, 1993
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