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COMPANIA DE TELEFONOS DE CHILE S.S. ANNOUNCES HIGHLIGHTS OF ITS YEAR END RESULTS IN CHILEAN GAAP AND THE DECLARATION OF FOURTH QUARTER DIVIDEND

 COMPANIA DE TELEFONOS DE CHILE S.S.
 ANNOUNCES HIGHLIGHTS OF ITS YEAR END RESULTS IN CHILEAN GAAP
 AND THE DECLARATION OF FOURTH QUARTER DIVIDEND
 SANTIAGO, CHILE, Jan. 29 /PRNewswire/ -- Compania de Telefonos de


Chile S.A. (NYSE: CTC), today announced that it has filed its financial results stated in Chilean GAAP (accounting for inflation and in pesos of constant value) for the year ended Dec. 31, 1991.
 Highlights for the 1991 year as compared to the 1990 year include:
 -- Operating revenues up 21.5 percent;
 -- Income before income tax increased 35.9 percent;
 -- Net income increased 32.0 percent; and,
 -- Earnings per common share rose 18.5 percent.
 At Dec. 31, 1991, the company had 996,738 lines in service, up 22.8 percent from 811,811 lines at Dec. 31, 1990.
 The company stated that more detailed information about its financial results for the 1991 year, expressed in U.S. GAAP, will be released next month. Until U.S. GAAP information is available, investors may call Dewe Rogerson Inc. at 212-688-6840 to request a copy of the Chilean GAAP financial results.
 Fourth Quarter Dividend
 CTC also announced today that in accordance with the company's dividend policy, a quarterly interim dividend (No. 114) will be paid in respect of the fourth quarter 1991 net income to all shareholders of record on Feb. 7, 1992
 The dividend will be paid to American Depositary Receipt (ADR) holders by The Bank of New York on March 4, 1992, as follows:
 Amount Per ADR
 (Chilean Pesos)
 Gross dividend rate 155.04
 Withholding tax (23,529 percent) 36.48
 Net dividend payable 118.56
 Estimated U.S. Translation (A) 33.28
 (A) -- In U.S. cents, calculated using the observed rate on Jan. 29,
 1992 of $1 equal CH$356.29 for illustration purposes only.
 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.
 -0- 1/29/92
 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, in 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


KD-TM -- NY084 -- 4926 01/29/92 16:53 EST
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Date:Jan 29, 1992
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