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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS IN CHILEAN GAAP FOR THE SIX MONTHS ENDED JUNE 30, 1993; DECLARES DIVIDEND

 SANTIAGO, Chile, July 26 /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, 1993.
 Highlights in Chilean GAAP for the 1993 first semester as compared to the 1992 first semester include:
 -- Operating revenues increased 22.1 percent;
 -- Operating income before a special provision for the accelerated depreciation of telephone equipment being withdrawn and the one time effect charge resulting from a change in the basis of accounting for employees compensation, increased 35.6 percent and consequently operating margin grew from 33.1 percent to 36.7 percent;
 -- Income before income tax and the special provision and charge mentioned above increased 28.5 percent, and net income on the same basis grew 26.1 percent. After such items, net income increased 6.3 percent in relation to the first semester 1992 to Ch$39,414 (US$97.4 million);
 -- While in the first semester 1992 monetary correction contributed 7.4 percent of net income, during the 1993 period monetary correction decreased net income by 2.9 percent; and,
 -- At June 30, 1993, the company had 1,290,334 lines in service, up 21.6 percent from 1,061,081 lines at June 30, 1992.
 The company stated that more detailed information about its financial results for the first semester of 1993, 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.
 Second Quarter Dividend
 CTC also announced today that in accordance with the company's dividend policy, a quarterly interim dividend (No. 122) will be paid in respect of the second quarter 1993 net income to all shareholders of record on Aug. 6, 1993.
 The dividend represents 46.6 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. 2, 1993.
 COMPANIA DE TELEFONOS DE CHILE S.A.
 Amount per ADR
 (Chilean Pesos)
 Dividend No. 122
 Gross dividend rate 160.76
 Withholding tax (23.5294118 percent) 37.83
 Net dividend payable 122.93
 Estimated U.S. translation (A) 30.43
 (A) In U.S. cents, calculated using the observed rate on July 23, 1993 of $1 equals Ch$404.02 for illustration purposes only.
 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- 7/26/93
 /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 ST: IN: TLS SU: ERN

LG-SH -- NY031 -- 5659 07/26/93 11:36 EDT
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Date:Jul 26, 1993
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