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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS CHILEAN GAAP FOR THE FIRST QUARTER OF 1993

 SANTIAGO, Chile, April 30 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC), today announced its financial results stated in Chilean GAAP (accounting for inflation and in pesos of constant value) for the first quarter of 1993.
 Highlights in Chilean 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 -- Operating income before a special provision for the accelerated depreciation of telephone equipment being withdrawn, increased 31.5 percent consequently operating margin on that basis grew from 36.2 percent to 39.4 percent.
 -- During the first quarter of 1993, the company's results were affected by the devaluation of the Chilean Peso against the U.S. 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 U.S. dollar.
 -- Net income before the special depreciation provision and the effect of devaluation increased 42.6 percent. After these items, net income decreased 35.4 percent in relation to the first quarter 1992 to Ch$14,653 million (US$36.5 million). However, cash flow increased 38.7 percent to Ch$35,303 million (US$87.8 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 more detailed information about its financial results for the first quarter 1993, expressed in U.S. GAAP, will be released in May. 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 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.
 -0- 4/30/93
 /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

WB-LR -- NY022 -- 3107 04/30/93 10:12 EDT
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Date:Apr 30, 1993
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