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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS IN CHILEAN GAAP FOR SIX MONTHS ENDED JUNE 30, 1992; DECLARES SECOND QUARTER DIVIDEND

COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS IN CHILEAN GAAP FOR SIX MONTHS ENDED JUNE 30, 1992; DECLARES SECOND QUARTER DIVIDEND
 SANTIAGO, Chile, July 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 six months ended June 30, 1992.
 Highlights in Chilean GAAP for the 1992 first semester as compared to the 1991 first semester include:
 -- Operating revenues increased 20.3 percent;
 -- Operating income increased 34.9 percent;
 -- Operating margin grew to 36.4 percent from 32.5 percent;
 -- Monetary correction contribution to income before income tax decreased to 8.1 percent from 19.1 percent;
 -- Income before income tax and monetary correction increased 43 percent;
 -- Income before income tax increased 25.9 percent;
 -- Net income increased 32.2 percent;
 -- Earnings per common share rose 31.7 percent.
 The company stated that more detailed information about its financial results for the first semester of 1992, expressed in U.S. GAAP, will be released later this year. 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.
 At June 30, 1992, the company had 1,061,081 lines in service, up 21.9 percent from 870,598 lines at June 30, 1991.
 Second Quarter Dividend
 CTC also announced today that in accordance with the company's dividend policy, a quarterly interim dividend (No. 117) will be paid in respect of the second quarter 1992 net income to all shareholders of record on Aug. 13, 1992.
 The dividend represents 51.48 percent of such quarter's realized net income and will be paid to American Depositary Receipt (ADR) holders by the Bank of New York on Sept. 10, 1992, as follows:
 Amount Per ADR
 (Chilean pesos)
 Dividend No. 117
 Gross dividend rate 135.26
 Withholding tax (29.586503 percent) 40.02
 Net dividend payable 95.24
 Estimated U.S. translation (A) 26.08
 (A) -- In U.S. cents, calculated using the observed rate on July 29, 1992, of $1 equals 365.14 Chilean pesos for illustration purposes only.
 Compania de Telefonos de Chile, the first South American company to list 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- 7/30/92
 /CONTACT: Jaime Charles of CTC, in Chile, 011-562-696-1147; or Joseph N. Jaffoni or Felicia Vonella of Dewe Rogerson, in New York, 212-688-6840, for CTC/
 (CTC) CO: Compania de Telefonos de Chile S.A. ST: IN: TLS SU: ERN DIV


GK-CK -- NY060 -- 5107 07/30/92 12:48 EDT
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Date:Jul 30, 1992
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