6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

April 22, 2005

Commission File Number: 001-10579

COMPANIA DE TELECOMUNICACIONES DE CHILE S.A.
(Exact name of registrant as specified in its charter)

TELECOMMUNICATIONS COMPANY OF CHILE

(Translation of registrant's name into English)

Avenida Providencia No. 111, Piso 22

Providencia, Santiago, Chile

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F   X   Form 40-F ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes        No X  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes        No X  

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes        No  X   

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A 

Compañía de Telecomunicaciones de Chile, S.A.

TABLE OF CONTENTS

Items

1. Press release dated April 22, 2005 announcing 1^st Quarter 2005 results.

Exhibit 99.1 Physical Statistics for 1Q 2005

Exhibit 99.2 Statements of Income for 1Q 2005

Exhibit 99.3 Statements of Income excluding the mobile subsidiary for 1Q 2005

Exhibit 99.4 Balance Sheets for 1Q 2005

Exhibit 99.5 Cash Flows for 1Q 2005

Item 1.

Quarterly Earnings Release

FOR IMMEDIATE RELEASE

COMPAÑIA DE TELECOMUNICACIONES DE CHILE S.A.

ANNOUNCES RESULTS FOR THE FIRST QUARTER 2005 (1Q05)

Highlights:

• The Company recorded a net income of Ch$8,171 million (US$13.9 million) in 1Q05 compared to a net income of Ch$3,589 million (US$6.1 million) in 1Q04.
• EBITDA in 1Q05 reached Ch$70,307 million (US$120.0 million) compared to Ch$90,982 million (US$155.3 million) in 1Q04.
• EBITDA Margin reached 51.5% in 1Q05 compared to 44.4% in 1Q04.
• Average debt reduction of US$489 million between 1Q04 and 1Q05.

(Santiago, Chile April 22, 2005) Compañía de Telecomunicaciones de Chile S.A. (NYSE: CTC) ("Telefónica CTC Chile" or the "Company") today announced its consolidated quarterly financial results, submitted to an interim financial review of independent auditors, stated in Chilean GAAP (in constant Chilean pesos as of March 31, 2005) for the first quarter of 2005. U.S. dollar equivalent information is based on the Observed Exchange Rate (as defined by the Chilean Central Bank) for March 31, 2005, which was Ch$585.93 = US$1.00. This information will be made publicly available through the Chilean Superintendencia de Valores y Seguros ("SVS") and the Securities and Exchange Commission of the United States of America (www.sec.gov), as well as at the Company's website, www.telefonicactcchile.cl.

NOTE: As a consequence of the sale by Telefónica CTC Chile of Telefónica Móvil de Chile S.A. to Telefónica Móviles (TEM), this business was deconsolidated as of July 1, 2004. In this regard and for comparison purposes, certain pro-forma information is referenced, excluding the mobile business. Furthermore, to help to clarify the effects of the mobile transaction, an additional pro-forma table is enclosed.

CONSOLIDATED RESULTS FOR 1Q05

(Comparisons refer to 1Q04)

REVENUES

Telefónica CTC Chile's revenues decreasedby 33.4% in 1Q05 as compared to 1Q04, amounting to Ch$136,624 million (US$233.2 million). However, excluding the mobile business from 1Q04, the revenue decrease in 1Q05 was 2.9%. Regarding the evolution of the different business areas, revenue declines of 3.0% in long distance and of 4.8% in corporate communications negatively impacted consolidated revenues for the quarter, while fixed telecommunications revenues remained stable with respect to 1Q04.

OPERATING COSTS AND EXPENSES

Operating costs and expenses decreased by 36.4% in 1Q05, to Ch$114,910 million (US$196.1 million), as compared to Ch$180,757 million (US$308.5 million) in 1Q04. Excluding the mobile business in 1Q04, these costs decreased 0.8%.

Salary expenses decreased18.4% in 1Q05 to Ch$11,455 million (US$19.6 million) when compared to 1Q04, mainly due to lower salary costs as a consequence of deconsolidation of the mobile business together with a 2.4% lower consolidated headcount (excluding the mobile business), related to the restructuring process carried out in May and November of 2004.

Other operating costs and expenses decreased by 51.1% in 1Q05 as compared to 1Q04, to Ch$28,450 million (US$48.6 million). This decreaseis attributable to lower costs associated to the mobile business, which was partially compensated by increased expenses relating to the strengthening of the client services model, including consulting, maintenance of equipment and installations aimed at improving client satisfaction.

Administrative and selling expenses decreasedby 33.2% in 1Q05 as compared to 1Q04, to Ch$28,855 million (US$49.2 million), due to the exclusion of commercial costs related to the mobile business, which was partially compensated by higher sales commissions associated to broadband and plans of minutes.

EBITDA

As a result of the above, EBITDA in 1Q05 fell by 22.7% to Ch$70,307 million (US$120.0 million), compared to Ch$90,982 million (US$155.3 million) recorded in 1Q04. However, excluding the mobile business from 1Q04, EBITDA decreased 4.4%. During the year 2004, EBITDA fell 16.2% to Ch$327,051 million (US$586.7 million) when compared to 2003. Excluding the mobile business in 1Q04, EBITDA decreased 4.4%.

EBITDA margin in 1Q05 was 51.5%, compared to the 44.4% recorded in 1Q04. Excluding the mobile business, EBITDA margin for 1Q04 reaches 52.3%.

DEPRECIATION

As of 4Q03, depreciation of assets related to the sales and administration is accounted for under "Administrative and selling expenses". Exhibits were adjusted accordingly in each of the four quarters of 2003.

Total depreciation in 1Q05 decreased by 26.5% to Ch$48,593 million (US$82.9 million), as compared to 1Q04, mainly due to the deconsolidation of the mobile business. Excluding this effect, depreciation decreased 0.2%.

OPERATING INCOME

OPERATING INCOME decreased 10.5% to Ch$21,714 million (US$37.1 million) in 1Q05 when compared to Ch$24,265 million (US$41.4 million) recorded in 1Q04. Excluding the mobile business in 1Q04, the decrease in operating income was higher ( 12.6%) because in 1Q04 the mobile business contributed with a negative operating income.

As a consequence, operating margin reached 15.9% in 1Q05 as compared to 11.8% in 1Q04. However, excluding the mobile business, the operating margin in 1Q04 reached 17.7%.

NON-OPERATING INCOME

NON-OPERATING INCOME: Telefónica CTC Chile decreased its non-operating loss by 35.9% as compared to 1Q04. The non-operating loss reached Ch$9,124 million (US$15.6 million) in 1Q05, as compared to a non-operating loss of Ch$14,159 million (US$24.2 million) in 1Q04. This is basically due to: (i)a 77.7% increase in interest income in 1Q05 vs. 1Q04 explained by increased funds available for investment; (ii) lower goodwill amortization as a result of the sale of Telefónica Móvil de Chile S.A. in July of 2004;and (iii)a decrease in interest expense explained the 33.1% reduction in the average interest bearing debt from US$1,478 million in 1Q04 to US$989 million in 1Q05, and lower interest rates.

These were partially offset by: (i)an increase of Ch$421 million (US$0.7 million) in other non-operating expenses, which included a write-off for equipment under repair for Ch$1,170 million (US$2.0 million) and (ii) increased monetary correction due to the effect of the negative CPI (-0.8%) registered during the quarter, which affects the asset valuation in a higher proportion than liabilities.

INCOME TAXES

INCOME TAXES: In 1Q05, Telefónica CTC Chile recorded a total income tax charge in the amount of Ch$4,437 million (US$7.6 million) as compared to the Ch$6,562 million (US$11.2 million) tax charge registered in 1Q04. The lower tax charge is explained by lower taxable income as a result of the deconsolidation of the mobile operation in July, 2004, and which had tax charges in 1Q04

Total income tax in 1Q05 is composed of Ch$5,294 million (US$9.0 million) in current income tax and a Ch$858 million (US$1.5 million) net charge for deferred taxes for the period as well as amortization of deferred taxes for previous periods.

NET RESULT

The Company recorded net income of Ch$8,171 million (US$13.9 million) in 1Q05 vs. net income of Ch$3,589 million (US$6.1 million) recorded in 1Q04.

Net income per ADR in 1Q05 amounted to US$0.058, compared to a net income per ADR of US$0.006 recorded in 1Q04. Furthermore, net income per share in 1Q05 equaled Ch$8.5 as compared to Ch$3.8 in 1Q04.

CAPEX

Capital expenditures for Telefónica CTC Chile and its consolidated subsidiaries amounted to US$17.3 million in 1Q05 compared to US$31.4 million in 1Q04, mainly due to the deconsolidation of the mobile business in July, 2004. Capital expenditures, excluding the mobile business, amounted to US$23.5 in 1Q04.

CASH FLOW

The consolidated free cash flow from operations in 1Q05 reached Ch$51,525 million (US$87.9 million) as compared to Ch$60,378 million (US$103.0 million) in 1Q04. The decrease is mainly explained by lower EBITDA as a result of the deconsolidation of the mobile business, which was partially compensated by the decrease in net financial expenses as a result of the debt reduction and lower capital expenditures relating to the mobile business.

REVENUES BY BUSINESS UNIT

FIXED TELECOMMUNICATIONS

Increased revenues from broadband business and commercial plans

Fixed Telecommunications is broken into Basic Telephony, Broadband, Access Charges and Interconnections and Other Fixed Telecommunications Businesses (including equipment marketing, directory advertising and public telephones, among others). Fixed telecommunications revenues, which represented 75.3% of total operating revenues in 1Q05, almost maintained its level, registering a decrease of 0.1% to Ch$102,845million (US$175.5 million) in the period as compared to 1Q04.

As of May 2004 and until the present, the Company has been making the appropriate provisions for the new tariffs under the Tariff Decree No. 169.

Basic Telephony revenues, which include the fixed monthly charge, variable charge, connections and other installations, plans of minutes (allowed by tariff flexibility), value-added services and other basic telephony revenues (services through operator and rural telephony, among others), decreased by 6.1% to Ch$70,479 million (US$120.3 million) in 1Q05 as compared to 1Q04. This decrease is mainly attributable to a 12.9% decrease in the fixed monthly charge and a 25.6% decrease in the variable charge, both mainly due to: (i) a lower number of lines subject to fixed monthly charge due to the migration to plans of minutes; and (ii) a 12.9% decrease in total local traffic for 1Q05 compared to 1Q04. Additionally, basic telephony revenues were impacted by lower revenues from connections and other installations of 48.6% and other basic telephony of 22.7%. These decreases were partly offset by new revenues resulting from commercialization of plans of minutes allowed by tariff flexibility, w hich generated revenues of Ch$8,271 million (US$14.1 million) and a 23.0% increase in revenues from value added services, explained by the reclassification of revenues from information services ( 600 and 800 numbers), that were previously considered as corporate communications revenues. In 1Q05, these revenues contributed with Ch$925 million (US$1.6 million).

The revenues related to Broadband, which exclude those considered in the corporate customer communications business, grew 64.7% to Ch$7,825 million (US$13.4 million) in 1Q05, due to the growth of 55.0% in ADSL connections in the quarter. This growth in ADSL connections is a result of successful marketing made for the new plan Speedy Night & Weekend and joint offers of plan of minutes plus broadband.

Access charges and interconnections revenues include revenues from access charges generated by LD carriers, as well as those paid by other telecommunications operators that use Telefónica CTC Chile's network. They also include other interconnection services apart from access charges, such as interconnection of networks and information services to carriers, among others. These revenues increased by 66.9% in 1Q05 to Ch$9,766 million (US$16.7 million) as compared to 1Q04. This increase was mainly due to (i) higher revenues for mobile-fixed interconnection, and (ii) the positive effect of the new Tariff Decree No. 169 provisioned in 1Q05.

Revenues from Other fixed telecommunications businesses, now include revenues generated as consequence of the Company's contract with Publiguías, those originated in the subsidiary Telemergencia (home security services), in public telephones, in interior installations and in equipment marketing. These revenues decreased by 14.4% in 1Q05 to Ch$14,775 million (US$25.2 million) as compared to 1Q04, and this is mainly due to a decrease in interior installation revenues and equipment marketing revenues, by 8.3% and 57.2% respectively.

LONG DISTANCE

Increased market share for DLD

Long distance revenues include revenues from domestic and international long distance traffic carried by 188 Telefónica Mundo and Globus 120, as well as revenues from the rental of the long distance network to other telecom operators. Total long distance revenues, which accounted for 10.9% of consolidated operating revenues in 1Q05, decreased by 3.0% as compared to 1Q04, to Ch$14,897 million (US$25.4 million).This decrease was mainly due to (i) a decrease of 7.9% in domestic long distance revenues (DLD) as a result of a decrease of 8.6% in DLD traffic and a 1.5% decline in average prices, and (ii) a decrease of 15.9% in international long distance (ILD) revenues due to a 7.7% decline in ILD outgoing traffic and a 2.0% decrease in outgoing average prices. These declines were partially offset by increased revenues for rental of the long distance network to other telecom operators due to the deconsolidation of the mobile business, given that previo usly these rentals were considered inter-company

CORPORATE CUSTOMER COMMUNICATIONS Corporate customer communications include revenues from (i) telecommunications equipment, which mainly refers to the sale of voice equipment (fax, PABX, among others); (ii) complementary telephone services, such as 600, 700, 800 numbers and digital communications; (iii) data services, including ATM, Frame Relay, data equipment and services related to the IP network, and (iv) dedicated links and others, including videoconference, Datared, E1 Links and VSAT, "ISP Empresas" revenues, services such as housing and hosting, e-solutions, and consulting services to corporate customers.

Revenues from corporate customer communications, which represented 13.3% of consolidated revenues, decreased by 4.8% to Ch$18,211million (US$31.1 million) in 1Q05 as compared to 1Q04. The decrease in these revenues was mainly due to: (i) a 29.8% decrease in complementary services, resulting from the reclassification of revenues for information services (600 and 800 numbers) to fixed telecommunications revenues starting in January, 2005, which amounted to Ch$925 million (US$1.6 million) in 1Q05, as well as lower revenues for RSDI lines, and (ii) a 19.7% decrease in revenues from telecommunications equipment due to lower sales of PABX equipment, as had been the trend throughout the year 2004. These were partially offset by (i) growth of 24.9% in dedicated links and others, relating to an increase in e-solutions projects and advanced services, and (ii) a mild increase of 1.4% in revenues from data services, due to increased connectivity services through the IP network in 1Q05 vs. 1Q04. In 1Q05 ATM links decreased by 7.0% and data links through the IP network grew by 17%. Moreover, the average number of customers for switched IP network decreased by 23% in 1Q05, reflecting the continued migration of these clients toward Broadband.

OTHER BUSINESSES

These revenues include those from other Company's subsidiaries, such as Telepeajes, Tecnonaútica and t-gestiona, among others. These revenues, which represented 0.5% of total operating revenues in 1Q05, grew 19.8% to Ch$671 million (US$1.1 million) in 1Q05.

BUSINESS UNIT PERFORMANCE FOR 1Q05

	EBITDA (Ch$ mn)	EBITDA Margin	Contributionto Net Result (Ch$mn)
Consolidated	70,307	51.5%	8,171
Individual by Business Unit
Fixed Telecommunications	56,187	47.8%	512
Long Distance	7,200	36.1%	4,370
Corp. Communications (incl. Data)	5,651	27.2%	2,849

COMPANY NEWS

REDEMPTION OF SERIES K LOCAL BONDS

On February 15, 2005, Series K local were redeemed for US$115 million (UF4 million). These instruments had an annual interest rate of UF +6.75% and expired on February, 2020. The redemption was done at a price of 100% nominal face value, in accordance with the issuance agreement for these bonds.

LAUNCH OF SPEEDY NIGHT & WEEKEND AND SPEEDY SATELLITE TV

On February 18, 2005, the broadband product Speedy Night and Weekend was launched, which for a fixed monthly fee, allows access to internet during weekday evenings and full days on weekends and holidays.

On April 7, 2005, in an alliance with the local satellite TV company, ZAP, the Company launched Speedy Satellite TV, aimed at providing integrated offers which will include fixed telephony, broadband, home security, and satellite television.

El 7 de abril la Compañía lanzó gracias a la alianza comercial con ZAP Televisión, el servicio Speedy TV Satelital. El objetivo es potenciar los servicios que prestan estas empresas a través de ofertas integradotas que incluirán telefonía fija, banda ancha ADSL, sistemas de monitoreo y seguridad (Telemergencia) y televisión satelital.

CHILEAN GENERAL COMPTROLLER APPROVED TARIFF DECREE No. 169 THAT REGULATES FIXED TELEPHONY TARIFFS FOR TELEFONICA CTC CHILE FOR THE 2004-2009 PERIOD

On February 11, 2005, Tariff Decree No. 169 was published in the Official Gazette, establishing the tariffs for the period May 6th, 2004 to May 6th, 2009.

The variations between new average tariffs established (T.D. No. 169) vs. those for the previous decree (T.D. No. 187), are as follows:

	Tariffs T.D. 169 vs. T.D. 187
Fixed Charge	+7.7%
Measured Local Service	-18.3%
Local Tranche ( Mobile and Rural)	+48.2%
Local Tranche ( Internet and 10X numbers)	+28.3%
Access Charges	+49.1%

• Weighted according to 2003 real traffic in their different time slots

The decree also considers 7 tariff areas, 3 time slots, changes in the composition of the tariff indexator and a new prepaid tariff.

On May 4, 2004, Subtel submitted decree N.169, resubmitting it with modifications to the Chilean General Comptroller in September and December, 2004. The Company provisioned the corresponding tariffs of the new Tariff Decree N. 169 and its modifications in its 2004 and 1Q05 financial statements.

According to the Law, these new tariffs will be retroactive from May 6, 2004 and therefore Telefónica CTC Chile will pass on any differences, readjusted accordingly, between amounts effectively invoiced and those which result from the new decree to its clients.

GENERAL SHAREHOLDER MEETING

On April 14, 2005, Telefónica CTC Chile held its Annual Shareholder's Meeting, which along with traditional matters, approved the payment of a final gross dividend of Ch$58.84591 per share (equivalent to Ch$235.38364 per ADR), charged against net income for the year 2004. This dividend, in addition to the interim dividends paid in 2004, total 100% of 2004 net income, in accordance with the Company's dividend policy announced in September, 2004. Additionally, shareholders approved the distribution an extraordinary dividend of Ch$50.99095 per share (equivalent to Ch$203.9638 per ADR), charged to accumulated retained earnings as of December 31, 2004. Both dividends will be paid on May 30, 2005, to all shareholders of record on May 24, 2005.

In addition, Ernst & Young was elected as the Company's Independent Auditors.

Similarly, the following Board members were elected at the Meeting:

Directors Serie A	Alternate Directors Serie A
Bruno Philippi Irarrázabal	Jose María Alvarez-Pallete
Narcís Serra Serra	Juan Carlos Ros Brugueras
Andrés Concha Rodríguez	Luis Cid Alonso
Fernando Bustamante Huerta	Guillermo Ansaldo Lutz
Patricio Rojas Ramos	Benjamín Holmes Bierwirtz
Hernán Cheyre Valenzuela	Carlos Díaz Vergara
Director Serie B	Alternate Director Serie B
Marco Colodro Hadjes	Alfonso Ferrari Herrero

WE INVITE YOU TO VISIT TELEFONICA CTC CHILE'S INVESTOR RELATIONS WEBSITE AT: www.telefonicactcchile.cl (Investor Relations)

For more information contact:

Sofía Chellew - Verónica Gaete
María José Rodríguez - Florencia Acosta	Kevin Kirkeby
TELEFONICA CTC CHILE	THE GLOBAL CONSULTING GROUP
Tel.: 562-691-3867	646-284-9416
Fax: 562-691-2392
E-mail:	E-mail:
schelle@ctc.cl, vgaete@ctc.cl	kkirkeby@hfgcg.com
mjrodri@ctc.cl, macosta@ctc.cl

Compañía de Telecomunicaciones de Chile S.A., the first South American company to list shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, providing local service, as well as domestic and international long distance services throughout the country. Additionally, the Company leads the corporate data transmission service as well as broadband in Chile and provides equipment marketing and value-added services, among others.

This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1996, including but not limited to Compañía de Telecomunicaciones de Chile S.A.'s expectations for its performance for the quarter. Forward looking statements may also be identified by words such as "believes", "expects", "anticipates", "projects", "intends", "should", "seeks", "estimates", "future", or similar expressions. The forward-looking statements included in this news release are based on current expectations, but actual results may differ materially from anticipated future results due to various factors many of which are beyond the control of Compañía de Telecomunicaciones de Chile S.A. and its subsidiaries. Certain factors which could cause the actual results of Compañía de Telecomunicaciones de Chile S.A. a nd its subsidiaries to differ materially from the expected results include, among others, changes in Chile's regulatory framework, impact of increased competition and other factors beyond Compañía de Telecomunicaciones de Chile S.A.'s control

==================

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April 22, 2005

COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A.

By: /s/ Julio Covarrubias F.

Name: Julio Covarrubias F.

Title: Chief Financial Officer

EX-1

Exhibit 99.1 Physical Statistics for 1Q05

PHYSICAL STATISTICS
	IT	IIT	IIIT	IVT	IT	IIT	IIIT	IVT
	2004	2004	2004	2004	2005	2005	2005	2005
Total lines in service at the end of period	2,419,587	2,397,404	2,398,137	2,427,364	2,437,542	0	0	0
Average number of lines in service (quarterly)	2,412,799	2,407,635	2,395,514	2,456,591	2,432,777	0	0	0
Number of lines installed (1)	3,040,989	3,041,713	3,042,468	3,043,379	3,048,719	0	0	0
Lines per 100 Inhabitants (2)	16.0%	15.9%	15.9%	16.1%	16.1%	0.0%	0.0%	0.0%
Public telephones in service at end of period	32,692	31,497	30,376	31,538	27,999	0	0	0
Effective minutes of local traffic measured by second (million)	3,409	3,471	3,495	3,384	2,969	0	0	0
Local calls MLS (millions)	1,156	1,167	1,215	1,216	1,069	0	0	0
DLD traffic of 188 Telefónica Mundo + Globus 120 (thousands of minutes)	167,930	169,043	164,474	162,437	153,439	0	0	0
Outgoing ILD traffic of 188 Telefónica Mundo +Globus 120 (thousands of minutes)	16,943	17,436	16,534	16,082	15,636	0	0	0
Access charge traffic (thousands of minutes)	1,201,741	1,210,418	1,188,790	1,071,907	934,998	0	0	0
Number of lines connected	82,307	81,818	77,909	101,284	88,778	0	0	0
Number of CTC's employees (end of period) (3)	3,029	2,972	2,917	2,816	2,875	0	0	0
Number of subsidiaries' employees (end of period) (3)	1,770	1,772	989	929	972	0	0	0
Number of cellular subscribers (end of period)	2,500,135	2,738,580	-	-	-	0	0	0
ADSL connections (end of period)	143,108	164,513	180,487	200,794	221,880	0	0	0
(1) Includes circuits and ISDN lines in order to indicate the real capacity of the network.
(2) 2002 Poll (15.1 million inhabs.) identified that estimated Chilean population by the "INE", Statistic National Institute, (15.7 million inhabs.) was overestimated
(3) It is included the permanent personnel plus personnel with fixed term contracts.
ANNUAL VARIATION
	IT	IIT	IIIT	IVT	IT	IIT	IIIT	IVT
	2004	2004	2004	2004	2005	2005	2005	2004
Total lines in service at the end of period	-8.0%	-6.6%	-3.6%	0.4%	0.7%	0.0%	0.0%	0.0%
Average number of lines in service (quaterly)	-9.2%	-7.2%	-5.1%	-0.1%	0.8%	0.0%	0.0%	0.0%
Numbers of lines installed	0.5%	0.4%	0.3%	0.2%	0.3%	0.0%	0.0%	0.0%
Lines per 100 Inhabitants	-8.1%	-6.4%	-3.5%	0.4%	0.9%	0.0%	0.0%	0.0%
Public telephones in service at the end of period	-7.6%	-10.9%	-12.5%	-8.6%	-14.4%	0.0%	0.0%	0.0%
Effective minutes of traffic measured by second (million)	-4.0%	-10.2%	-10.2%	-12.5%	-12.9%	0.0%	0.0%	0.0%
Local calls MLS (millions)	-3.7%	-6.4%	-3.1%	-5.1%	-7.5%	0.0%	0.0%	0.0%
DLD traffic of 188 Telefónica Mundo + Globus 120 (thousands of minutes)	1.8%	7.4%	3.3%	-1.9%	-8.6%	0.0%	0.0%	0.0%
Outgoing ILD traffic of 188 Telefónica Mundo +Globus 120 (thousands of minutes)	4.9%	7.0%	3.3%	1.3%	-7.7%	0.0%	0.0%	0.0%
Access charge traffic (thousands of minutes)	-17.7%	-15.8%	-13.0%	-18.7%	-22.2%	0.0%	0.0%	0.0%
Number of lines connected	26.5%	37.8%	15.8%	-13.1%	7.9%	0.0%	0.0%	0.0%
Number of CTC's employees (end of period)*	17.9%	13.0%	9.3%	7.3%	-5.1%	0.0%	0.0%	0.0%
Number of subsidiaries' employees (end of period)*	-16.5%	-18.6%	-53.5%	-55.7%	-45.1%	0.0%	0.0%	0.0%
Number of cellular subscribers (end of period)	32.7%	40.8%	-	-	-	0.0%	0.0%	0.0%
ADSL connections (end of period)	116.6%	95.4%	67.8%	60.3%	55.0%	0.0%	0.0%	0.0%
* In January 2004 certain labor contracts with some employees, that corresponded to the local business after the restructuring in 2002, were regularized
since these contracts were still linked to other subsidiaries of the Company

EX-2

Exhibit 99.2 Statement of Income for 1Q05

QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (CHGAAP)
(Millions of Ch$ as of March 31, 2005)
	Acum.	IQ	IIQ	IIIQ	IVQ	Acum.	IQ	IIQ	IIIQ	IVQ	VARIATION
	2004	2004	2004	2004	2004	2005	2005	2005	2005	2005	IQ05/IQ04	2005/2004
OPERATING REVENUES
FIXED TELECOMMUNICATIONS	102,929	102,929	103,261	109,363	103,293	102,845	102,845	0	0	0	-0.1%	-0.1%
Basic Telephony	75,071	75,071	74,317	75,610	72,455	70,479	70,479	0	0	0	-6.1%	-6.1%
Telephone Line Serv.Fee (Fixed Monthly Charge)	36,145	36,145	37,698	37,400	34,388	31,480	31,480	0	0	0	-12.9%	-12.9%
Variable Charge	31,829	31,829	29,533	29,350	26,536	23,692	23,692	0	0	0	-25.6%	-25.6%
Connections and other installations	1,263	1,263	775	753	1,075	649	649	0	0	0	-48.6%	-48.6%
Plans of minutes (tariff flexibility)	0	0	33	2,363	6,226	8,271	8,271	0	0	0	-	-
Value added services	4,104	4,104	4,554	4,228	4,064	5,049	5,049	0	0	0	23.0%	23.0%
Other basic telephony revenues	1,730	1,730	1,724	1,516	166	1,338	1,338	0	0	0	-22.7%	-22.7%
Broadband	4,750	4,750	6,135	6,650	7,425	7,825	7,825	0	0	0	64.7%	64.7%
Access Charges and Interconnections	5,850	5,850	7,491	9,504	8,490	9,766	9,766	0	0	0	66.9%	66.9%
Domestic long distance	1,879	1,879	2,369	3,293	2,499	2,631	2,631	0	0	0	40.0%	40.0%
International long distance	516	516	657	904	708	628	628	0	0	0	21.7%	21.7%
Other interconnection services	3,455	3,455	4,465	5,307	5,283	6,507	6,507	0	0	0	88.3%	88.3%
Other Fixed Telecommunications businesses	17,258	17,258	15,318	17,599	14,923	14,775	14,775	0	0	0	-14.4%	-14.4%
Directory Advertising	1,181	1,181	322	3,206	1,126	1,002	1,002	0	0	0	-15.2%	-15.2%
ISP- switched and dedicated	682	682	673	818	920	639	639	0	0	0	-6.3%	-6.3%
Security services (Telemergencia)	1,527	1,527	1,565	1,751	1,785	1,837	1,837	0	0	0	20.3%	20.3%
Public telephones	2,789	2,789	2,753	2,597	2,612	2,569	2,569	0	0	0	-7.9%	-7.9%
Interior installations	8,153	8,153	7,845	7,636	7,391	7,475	7,475	0	0	0	-8.3%	-8.3%
Equipment marketing	2,926	2,926	2,160	1,591	1,089	1,253	1,253	0	0	0	-57.2%	-57.2%
	0	0	0
LONG DISTANCE	15,354	15,354	14,888	15,582	15,273	14,897	14,897	0	0	0	-3.0%	-3.0%
Domestic Long Distance	6,359	6,359	6,524	5,989	5,555	5,857	5,857	0	0	0	-7.9%	-7.9%
International Service	6,410	6,410	5,900	5,662	5,764	5,392	5,392	0	0	0	-15.9%	-15.9%
Rental of LD Network	2,585	2,585	2,464	3,931	3,954	3,648	3,648	0	0	0	41.1%	41.1%
		0	0
CORPORATE CUSTOMER COMMUNICATIONS	19,122	19,122	20,184	20,042	22,894	18,211	18,211	0	0	0	-4.8%	-4.8%
Equipment	2,845	2,845	3,521	3,948	3,152	2,284	2,284	0	0	0	-19.7%	-19.7%
Complementary Services	4,698	4,698	4,169	3,384	4,319	3,296	3,296	0	0	0	-29.8%	-29.8%
Data services	7,789	7,789	7,686	7,658	7,768	7,898	7,898	0	0	0	1.4%	1.4%
Dedicated links and others	3,790	3,790	4,808	5,052	7,655	4,733	4,733	0	0	0	24.9%	24.9%
		0	0
OTHER BUSINESSES	560	560	933	1,616	803	671	671	0	0	0	19.8%	19.8%
	0	0	0
MOBILE COMMUNICATIONS	67,057	67,057	64,120	0	0	0	0	0	0	0	-100.0%	-100.0%
Outgoing Traffic	46,533	46,533	46,282	0	0	0	0	0	0	0	-100.0%	-100.0%
Interconnection under Calling Party Pays	20,524	20,524	17,838	0	0	0	0	0	0	0	-100.0%	-100.0%
TOTAL OPERATING REVENUES	205,022	205,022	203,386	146,603	142,263	136,624	136,624	0	0	0	-33.4%	-33.4%
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (CHGAAP), continued
(Millions of Ch$ as of March 31, 2005)
	Acum.	IQ	IIQ	IIIQ	IVQ	Acum.	IQ	IIQ	IIIQ	IVQ	VARIATION
	2004	2004	2004	2004	2004	2005	2005	2005	2005	2005	IQ05/IQ04	2005/2004
OPERATING COSTS AND EXPENSES
Salaries	14,030	14,030	14,404	8,102	11,127	11,455	11,455	0	0	0	-18.4%	-18.4%
Depreciation	65,352	65,352	63,721	43,618	45,238	46,150	46,150	0	0	0	-29.4%	-29.4%
Other Operating Costs	58,174	58,174	57,752	29,432	29,947	28,450	28,450	0	0	0	-51.1%	-51.1%
Adm. & Selling Expenses	43,201	43,201	46,425	33,576	34,814	28,855	28,855	0	0	0	-33.2%	-33.2%
TOTAL OPERATING COSTS AND EXPENSES	180,757	180,757	182,302	114,728	121,126	114,910	114,910	0	0	0	-36.4%	-36.4%
OPERATING INCOME	24,265	24,265	21,084	31,875	21,137	21,714	21,714	0	0	0	-10.5%	-10.5%
EBITDA	90,982	90,982	86,540	78,931	68,003	70,307	70,307	0	0	0	-22.7%	-22.7%
Operating Margin	11.8%	11.8%	10.4%	21.7%	14.9%	15.9%	15.9%	0.0%	0.0%	0.0%	4.1pp	4.1pp
EBITDA Margin	44.4%	44.4%	42.5%	53.8%	47.8%	51.5%	51.5%	0.0%	0.0%	0.0%	7.1pp	7.1pp
NON-OPERATING INCOME	0.0%	0.0%	0.0%
Interest Income	1,880	1,880	1,754	3,490	2,088	3,341	3,341	0	0	0	77.7%	77.7%
Other Non-Operating Income	709	709	7,153	462,936	887	578	578	0	0	0	-18.5%	-18.5%
Revenues from Related Companies	24	24	60	183	271	386	386	0	0	0	1508.3%	1508.3%
Interest Expense	-11,594	-11,594	-11,508	-12,364	-18,156	-8,622	-8,622	0	0	0	-25.6%	-25.6%
Amortization of Goodwill	-2,888	-2,888	-2,887	-133,961	457	-374	-374	0	0	0	-87.0%	-87.0%
Other Non-Operating Expenses	-1,015	-1,015	-4,761	-1,997	-16,700	-1,436	-1,436	0	0	0	41.5%	41.5%
Monetary Correction	-1,275	-1,275	4,132	8,311	-2,277	-2,997	-2,997	0	0	0	135.1%	135.1%
TOTAL NON-OPERATING INCOME	-14,159	-14,159	-6,057	326,598	-33,430	-9,124	-9,124	0	0	0	-35.6%	-35.6%
INCOME BEFORE INCOME TAX	10,106	10,106	15,027	358,473	-12,293	12,590	12,590	0	0	0	24.6%	24.6%
Income Tax	-6,562	-6,562	-8,731	-44,373	-2,231	-4,437	-4,437	0	0	0	-32.4%	-32.4%
Minority Interest	45	45	30	-255	-100	18	18	0	0	0	-60.0%	-60.0%
Amortization of Negative Goodwill	0	0	0	0	0	0	0	0	0	0	-	-
NET INCOME	3,589	3,589	6,326	313,845	-14,624	8,171	8,171	0	0	0	127.7%	127.7%
Observed exchange rate (end of the period)		616.41	636.30	608.90	557.40		585.93	0.00	0.00	0.00
		IQ	IIQ	IIIQ	IVQ		IQ	IIQ	IIIQ	IVQ
		2004	2004	2004	2004		2005	2005	2005	2005
Earnings per Common Share (Ch$)		3.7	6.6	327.9	-15.3		8.5	0.0	0.0	0.0
Earnings per ADR (US$)		0.024	0.042	2.154	-0.110		0.058	0.000	0.000	0.000
Weighted Average Number of Shares Fully Paid (millions)		957.2	957.2	957.2	957.2		957.2	0.0	0.0	0.0

EX-3

Exhibit 99.3 Statement of Income excluding the mobile subsidiary for 1Q05

QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (CHGAAP)(without the mobile business)
(Millions of Ch$ as of March 31, 2005)
	I	I	Var %
	2004	2005	IT05/IT04
Operating revenues	140,652	136,624	-2.9%
Operating costs	-115,813	-114,911	-0.8%
OPERATING INCOME	24,839	21,713	-12.6%
Operating Margin	17.7%	15.9%
EBITDA	73,507	70,306	-4.4%
EBITDA Margin	52.3%	51.5%
Note: the mobile business has been excluded from all previous quarters shown on the table as well as the mobile transaction effects from 3Q04

EX-4

Exhibit 99.4 Balance Sheets for 1Q05

CONSOLIDATED BALANCE SHEET (ChGAAP)
(Figures in thousands of Ch$ as of March 31, 2005)
ASSETS		2005	2004	LIABILITIES			2005	2004
		Ch$	Ch$				Ch$	Ch$
CURRENT ASSETS				CURRENT LIABILITIES
	Cash and banks	4,940,493	8,741,868		Banks and financial institutions - short-term		9,485,901	19,722,403
	Time deposits	74,881,501	1,724,418		Banks and financial institutions - current maturities		16,751,009	88,126,030
	Marketable securities	31,569,713	48,674,389		Promisory Notes		46,711,656	0
	Trade receivables	152,351,921	206,296,459		Debentures		95,638,013	109,159,370
	Notes receivable	3,197,292	6,973,733		Current maturities of other long-term liabilities		31,450	460,152
	Sundry debtors	24,839,300	12,824,128		Dividends payable		2,189,791	105,710
	Due from related companies	16,160,435	20,355,713		Accounts payable		82,852,306	129,617,777
	Inventories	4,127,379	19,446,743		Notes payable		0	256,045
	Refundable taxes	0	16,179,311		Sundry creditors		26,730,083	36,964,828
	Prepaid expenses	4,464,983	7,917,979		Due to related companies		23,790,215	22,650,069
	Deferred taxes	14,805,721	17,864,333		Provisions		2,657,642	4,064,644
	Other current assets	70,094,813	75,667,454		Withholdings		11,093,849	11,680,863
	Total current assets	401,433,551	442,666,528		Income tax		29,376,448	-
					Unearned income		8,028,948	9,536,026
FIXED ASSETS					Other current liabilities		1,475,903	2,109,459
	Land	26,129,917	28,120,571			Total current liabilities	356,813,214	434,453,376
	Construction and infrastructure works	188,311,087	188,824,530	LONG-TERM LIABILITIES
	Machinery and equipment	3,096,748,171	3,532,026,571
	Other fixed assets	247,534,431	353,289,036		Banks and financial institutions		354,106,663	319,839,846
	Technical revaluation	9,360,583	9,380,024		Debentures		41,962,979	326,695,288
	Less: accumulated depreciation	2,234,543,001	2,300,624,872		Due to related companies		0	21,846,742
	Fixed assets-net	1,333,541,188	1,811,015,860		Sundry creditors		4,973	3,849,591
					Provisions		33,330,365	19,832,014
OTHER ASSETS					Deferred Taxes		56,710,125	49,105,632
	Investments in related companies	8,190,924	10,389,407		Other long-term liabilities		7,755,512	8,165,771
	Investments in other companies	3,919	3,919			Total long term liabilities	493,870,617	749,334,884
	Goodwill	18,810,103	157,897,495	MINORITY INTEREST			1,600,192	1,341,409
	Long-term debtors	21,808,091	32,104,976
	Intangibles	45,386,696	41,833,263	EQUITY
	Amortization (less)	7,584,877	5,288,948
	Other long-term assets	16,095,150	10,139,898		Paid-in capital		880,977,537	878,321,326
					Reserve		-7,047,820	-4,391,609
					Other reserves		-989,580	-674,778
	Total other assets	102,710,006	247,080,010		Retained earnings:		112,460,585	442,377,790
						Prior years	357,551,545	438,788,314
						(Losses) Income for the period	8,170,508	3,589,476
						Interim dividend (less)	253,261,468	-
						Total equity	985,400,722	1,315,632,729
TOTAL ASSETS		1,837,684,745	2,500,762,398	TOTAL LIABILITIES AND EQUITY			1,837,684,745	2,500,762,398

EX-5

Exhibit 99.5 Cash Flows for 1Q05

COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS PERIODS ENDED AS OF MARCH 31, 2005 AND 2004
Figures in Thousands of Constant Ch$ as of March 31, 2005
	2005	2004
NET CASH PROVIDED BY USING IN OPERATING ACTIVITIES	71,938,048	39,097,823
Net income (Gain/Losses)	8,170,508	3,589,476
Result in sales of assets	-1,186	-145
Gain (loss) in sale of fixed assets	-1,186	-145
Charges (credits) to income not affecting cash flows:	59,433,383	79,394,632
Depreciation	49,028,199	67,347,193
Intangibles amortization	820,085	620,963
Write-off and provisions	5,981,308	7,521,456
Equity earnings from related companies (less)	-252,390	-59,465
Equity losses from related companies	4,998	35,366
Amotization of goodwill	373,884	2,888,244
Price-level restatement (net)	5,232,586	2,274,377
Gain (loss) on foreign currency transactions	-2,373,408	-998,988
Other credits not affecting cash flows	-6,703	-264,332
Other charges not affecting cash flows	624,824	29,818
Decrease (increase) in current assets:	5,465,514	13,265,196
(Increase) Decrease in trade receivables	-7,108,278	4,744,703
(Increase) Decrease in inventories	1,617,502	655,727
(Increase) Decrease in other current assets	10,956,290	7,864,766
Increase (decrease) in current liabilities:	-1,112,170	-57,106,354
Increase (decrease) in due to related companies,
related with operating activities	6,264,230	-48,872,730
Increase (decrease) in accrued interest payable	-2,676,210	-3,425,079
Increase (decrease) in income tax payable, net	427,412	906,644
Increase (decrease) in other accounts payable
related with non operating result	-794,704	-6,729,910
Increase (decrease) in value-added tax, net, and other	-4,332,898	1,014,721
Income ( loss) of minority interest	-18,001	-44,982
COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS PERIODS ENDED AS OF MARCH 31, 2005 AND 2004
Figures in Thousands of Constant Ch$ as of March 31, 2005
	2005	2004
NET CASH PROVIDED BY FINANCING ACTIVITIES	-67,025,671	-7,041,189
Liabilities with the public	11,628,667	-
Other financing disbursements	0	-58,422
Repayment of dividends (less)	0	0
Repayment of loans (less)	-9,831,023	-3,215,160
Repayment of liabilities with the public (less)	-68,823,315	-3,767,607
Repayment of loans to related companies (less)	0	0
Other payments by financing
NET CASH USED IN INVESTING ACTIVITIES	-24,902,111	-25,335,839
Sale of fixed assets	148,336	48,305
Additions to fixed assets (less)	-13,456,404	-22,274,755
Sale of permanent investments	0	0
Sale of other investments	0	0
Collection of loans from related companies	0	0
Other revenues from investments	0	0
Additions to fixed assets (less)	0	0
Investments in financial instruments (less)	-4,137,600	-3,109,389
Other investment disbursements (less)	-7,456,443	0
NET CASH FLOW FOR THE PERIOD	-19,989,734	6,720,795
PRICE-LEVEL RESTATEMENT EFFECT ON CASH AND CASH EQUIVALENTS	1,304,127	163,554
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-18,685,607	6,884,349
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	155,884,883	33,890,612
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	137,199,276	40,774,961