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COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS IN U.S. GAAP FOR THE SIX MONTHS ENDED JUNE 30, 1992

 COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS
 IN U.S. GAAP FOR THE SIX MONTHS ENDED JUNE 30, 1992
 SANTIAGO, Chile, Sept. 8 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC), today announced its financial results stated in U.S. GAAP (accounting for inflation and in pesos of constant value) for the second quarter and six months ended June 30, 1992.
 First Half Results
 The company reported net income of $97.2 million for the first six months of 1992, a 25.2 percent increase over the corresponding period of 1991. Earnings per share were $0.11 or $1.90 per ADS, representing a 24.5 percent increase over the 1991 period.
 The company reported a 20.2 percent increase in operating revenues, to $288.1 million, while operating costs and expenses grew 12.5 percent, due to the continued implementation of the Company's Development Plan.
 Revenues from tariff-regulated services (local service, domestic long distance and interconnecting for international long distance service and line sales and connections) -- which accounted for 75.5 percent of total revenues -- grow 18.7 percent and services not subject to tariff regulation (public telephones, cellular telephones, directory advertising, local equipment rental and sales of telecommunications equipment) increased 24.8 percent.
 At the end of the six month 1992 period, the company had 1,061,081 lines in service, up 21.9 percent from 870,598 lines at the end of the comparable six month period of 1991. In addition, property, plant and equipment (net) increased to $1,669.4 million at June 30, 1992, an increase of 15.5 percent from June 30, 1991.
 Second Quarter Results
 Operating income for the second quarter of 1992 increased by 24.8 percent, as a consequence of a 14.2 percent increase in operating revenues, principally due to the increased number of lines in service, offset in part, by a 9.9 percent growth in operating expenses.
 During the second quarter of 1992, lower interest rates and declining levels of inflation affected non-operating income by reducing interest income and purchasing power gain by 28.4 percent and 29.7 percent respectively. Interest expenses (interest expenses less capitalized interest) grew 36.6 percent, due to a 30.7 percent increase in total liabilities during such period.
 During the same period, the appreciation of the dollar against the Chilean peso and its depreciation against European currencies offset first quarter gains from foreign currency movements.
 Consequently, non-operating results decreased by $5.4 million. As a result of all of the above, income before tax and excluding the effects of price level restatement (purchasing power gain, foreign transactions and loss on indexation), increased by 44.3 percent, while income before tax decreased by 7.0 percent.
 Compania de Telefonos de Chile, the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, owning approximately 95 percent of all telephone lines in the country. The company's principal business is providing local telephone services to 77 percent of the country where 99 percent of Chile's population resides, and provides domestic long distance telephone services. Additionally, the company operates a cellular network in two principal metropolitan areas of Chile, Santiago and Valparaiso.
 COMPANIA DE TELEFONOS DE CHILE S.A.
 Unaudited Interim Consolidated Statements of Income
 (Prepared in accordance with U.S. GAAP)
 Period ended Six months
 June 30 1991 1992 1992
 Ch$ Ch$ US$
 Operating revenues:
 Tariff-regulated services 65,777 78,099 217.7
 Other 20,275 25,295 70.4
 Total operating revenues 86,052 103,394 288.1
 Operating costs and expenses:
 Operating salaries and related costs 11,557 12,343 34.4
 Depreciation and amortization 12,109 15,648 43.6
 Other operating costs 19,586 18,216 50.8
 Cost of ENTEL services 5,763 8,372 23.3
 Administrative and selling costs 8,948 10,611 29.6
 Total operating costs and expenses 57,963 65,190 181.7
 Operating income 28,089 38,204 106.4
 Other income (expenses):
 Interest income 4,767 3,499 9.8
 Capitalized interest 4,578 2,837 7.9
 Interest expense (8,861) (9,468) (26.4)
 Purchasing power gain 10,408 9,533 26.6
 Other (6,331) (4,838) (13.5)
 Total other income (expenses) - net 4,561 1,563 4.4
 Income before income tax 32,650 39,767 110.8
 Income tax (4,790) (4,873) (13.6)
 Net income 27,860 34,894 97.2
 Earnings per common share 32.63 40.63 0.11
 Weighted average number of shares
 fully paid and outstanding 853,836,995 858,835,458 858,835,458
 CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 (Prepared in accordance with U.S. GAAP)
 Period ended Three months
 June 30 1991 1992 1992
 Ch$ Ch$ US$
 Operating revenues:
 Tariff-regulated services 34,002 38,614 107.6
 Other 10,589 12,297 34.3
 Total operating revenues 44,591 50,911 141.9
 Operating costs and expenses:
 Operating salaries and related costs 7,327 7,897 22.0
 Depreciation and amortization 6,267 8,305 23.2
 Other operating costs 10,830 8,800 24.5
 Cost of ENTEL services 2,327 4,068 11.3
 Administrative and selling costs 4,999 5,821 16.2
 Total operating costs and expenses 31,750 34,891 97.2
 Operating income 12,841 16,020 44.7
 Other income (expenses):
 Interest income 2,194 1,572 4.4
 Capitalized interest 2,056 3,886 10.8
 Interest expense (4,465) (7,176) (20.0)
 Purchasing power gain 8,776 6,178 17.2
 Other

 Income on foreign currency items 579 (5,233) (14.6)
 Loss on indexation (5,194) (2,725) (7.6)
 Miscellaneous-net (1,615) 1,586 4.4
 Total other income - net 2,331 (1,917) (5.4)
 Income before income tax 15,172 14,103 39.3
 Income tax 2,388 1,729 4.8
 Net income 12,784 12,374 34.5
 Earnings per common share (CH$) 14.9 14.4 0.0
 Earnings per ADS (Ch$) 253.1 244.9 0.0
 Weighted average number of shares
 fully paid and outstanding (millions) 858.7 858.8 858.8
 -0- 9/8/92
 /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, Inc. 212-688-6840, for Compania de Telefonos de Chile S.A./
 (CTC) CO: Compania de Telefonos de Chile S.A. ST: IN: TLS SU: ERN


AH-OS -- NY025 -- 6997 09/08/92 12:04 EDT
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Date:Sep 8, 1992
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