SECURITIES AND EXCHANGE COMMISSION

Commission File Number: 001-10579

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

(Translation of registrant's name into English)

(Address of principal executive offices)

Form 20-F   X   Form 40-F ___

Yes        No  X   

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

(Comparisons refer to 1Q04)

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%.

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%.

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 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%.

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.

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.

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.

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.

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, which 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 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 previously these rentals were considered inter-company

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.

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.

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.

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

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.

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:

For more information contact:

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. and 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

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