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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS FOR THE YEAR ENDED DEC. 31, 1991

       COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS
                  FOR THE YEAR ENDED DEC. 31, 1991
    SANTIAGO, Chile, Feb. 21 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC), today released its operating results stated in U.S. GAAP and in U.S. dollars for the year ended Dec. 31, 1991.
    Operating revenues for the year increased 21.3 percent to approximately $480 million compared to $395 million in 1990.  Operating revenues derived from services subject to tariff regulation grew 21.3 percent to $370 million and revenues from non-tariff regulated businesses increased 21.5 percent to $110 million.
    During 1991, the company increased the number of telephone lines in service by 184,927, the best performance in the company's history. Total lines in service at Dec. 31, 1991 were 996,738, up 22.8 percent from 811,811 lines at Dec. 31, 1990.  Additionally, the proportion of lines connected to digital exchanges increased to 70.6 percent. Further, property, plant and equipment (net) increased 15.5 percent to $1,430 million at Dec. 31, 1991.
    In spite of a 17.9 percent increase in operating costs and expenses, principally due to a 36.3 percent increase in depreciation charges, operating income increased 28.5 percent to $163 million, representing a 33.9 percent operating margin, up from 32 percent obtained in 1990.
    Income before income tax increased 22 percent to $158 million. However, higher corporate income tax payments reduced net income growth to 20.7 percent with the result that net income increased from $114 million in 1990 to $138 million in 1991.
    The average number of fully paid shares outstanding during 1991 increased by 11.4 percent and earnings per common share for the period increased 8.4 percent representing $2.74 per ADS for the year.
    Compania de Telefonos de Chile, the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, owning approximately 95 percent of all telephone lines in the country.  The company's business is providing local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides.  Additionally, the company operates a cellular network in two principal metropolitan areas of Chile, Santiago and Valparaiso.
           COMPANIA DE TELEFONOS DE CHILE S.A. AND SUBSIDIARIES
                   Summary Financial Information (A)
              (In US$ million except shares outstanding
                 and per share and per ADR amounts)
      Year ended Dec. 31                 1990       1991
       Income Statement Data:
    Operating revenues                   395.5     479.7
    Income before income tax             129.8     158.4
    Net income                           114.3     138.0
    Earnings per share (B)              0.1486    0.1611
    Earnings per ADS (B) (C)            2.5261    2.7387
    Weighted avg. no. of shares
     fully paid and outstng.       768,952,193  856,336,213
       Balance Sheet Data:
    Current assets                       235.7     286.8
    Property, plant and
     equipment, net                    1,238.3   1,429.5
    Total assets                       1,504.6   1,751.4
    Total current liabilities            210.5     209.9
    Total long term debt                 328.1     414.7
    Total shareholders equity            848.9     920.5
    NOTE:  An exchange rate of US$1 equals CH$374.5 was used.
    (A)  Consolidated financial statements prepared in accordance with accounting principles generally accepted in the U.S.A.
    (B)  Earnings per share have been computed using the weighted average number of shares fully paid and outstanding during each period presented.
    (C)  Calculated on the basis that each ADS represents 17 shares of series A common stock.
    -0-                            2/21/92
    /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:  ERN AH-OS -- NY029 -- 1405 02/21/92 13:00 EST
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Date:Feb 21, 1992
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