TCRLA_Public/031106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

          Thursday, November 6, 2003, Vol. 4, Issue 220

                          Headlines

A R G E N T I N A

AMEXA: Court Orders Bankruptcy
AUTOPISTAS DEL SOL: $380M of Bonds Get `raD' Rating from S&P
BANCO FRANCES: To Conclude $135M Bond Restructuring This Week
BECARPLAST: Credit Check in Bankruptcy Process Ends Today
DROGUERIA MAGNA: Evaluadora Rates Bonds `C+'

EDITORIAL PERFIL: Moody's Rates $25M of Bonds `D'
ESTABLICIMIENTO ZINKALORD: Court Assigns Receiver
EUROMAYOR: Bonds Rated `C' by Evaluadora Latinoamericana
FELTA: Credit Check in Reorganization Ends December 12
GRUPO PIACERE: Receiver Ends Verification Process

LAS BAYAS: Files "Concurso Preventivo" Motion
MINERA CARLOS: Court Assigns New Receiver
NORTE LOGISTICA: Enters Bankruptcy on Court Orders
OSTRILLION: Court Approves Reorganization Petition
PE & EME: Court Orders Bankruptcy

PESQUERA SANTA MARIA: Seeks Business Reorganization
STYLE SHOPPING: Court Approves Petition For Bankruptcy


B E R M U D A

TYCO INTERNATIONAL: Reports Fourth Quarter And Full-Year Results


B R A Z I L

BRASKEM: To Sell $419M Worth of Four-Year Domestic Bonds



C H I L E

EDELNOR: Sees Positive Turnaround In Financial Results


C O L O M B I A

BELLSOUTH COLOMBIA: Regains Financial Health
MILLICOM INTERNATIONAL: Announces Accounting Treatment Revision


E C U A D O R

LIQUIDATED BANKS: AGD Continues To Clean Up Bad Debt Portfolio


J A M A I C A

JUTC: Union Lets Workers Decide On New Payment Offer


M E X I C O

ALESTRA: Offers for Reorganization Plan Expire
EMPRESAS ICA: To Continue Divestment Plan Next Year
VITRO: To Issue Peso Bonds Worth MXN63.45 Mln


P E R U

VOLCAN: Financial Results Improve in the 3Q03


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Prices Common Stock Offering


V E N E Z U E L A

CANTV: Announces Third Quarter 2003 Results

  -  -  -  -  -  -  -  -

=================
A R G E N T I N A
=================

AMEXA: Court Orders Bankruptcy
------------------------------
Amexa S.A., domiciled in Buenos Aires, entered bankruptcy on
orders from the city's Court No. 23. A report by Argentine news
portal Infobae revealed the court declared the Company "Quiebra".

However, the report did not indicate whether the court, which
works with Clerk No. 45 on the case, has chosen a receiver for
the process. The deadlines for the credit verifications and the
filing of the receiver's reports were also not indicated.

CONTACT:  Amexa S.A.
          Mendoza 3151
          Buenos Aires


AUTOPISTAS DEL SOL: $380M of Bonds Get `raD' Rating from S&P
------------------------------------------------------------
Standard & Poor's International Ratings Ltd. Sucursal Argentina
rates a total of US$380 million worth of bonds issued by
Argentine company Autopistas del Sol S.A. `raD' on Monday. The
ratings agency said that the issued rating is given to bonds that
are currently in default.

According to the Comision Nacional de Valores, Argentina's
securities regulator, the affected bonds are described as
"Obligaciones Negociables simples, autorizadas por AGO de fecha
16.5.97". About US$210 million these mature on August 3, 2009,
while the remaining are due on August 2 next year. Both set of
bonds are classified under "Simple Issue".

The Company's finances as of June 30, 2003 determined the rating
assigned.


BANCO FRANCES: To Conclude $135M Bond Restructuring This Week
-------------------------------------------------------------
Argentina's BBVA Banco Frances SA (BFR), which recently announced
that it had acquired a 50% stake in a financial services company
through one of its subsidiaries, expects to conclude the
restructuring of a US$135 million bond series this week, reports
Bloomberg.

In a filing to the local stock exchange, Banco Frances announced
it had paid interest on the bonds on Oct. 31 but was holding off
on capital payments until the bonds are restructured.

"Given the advanced state of the negotiations, the bank expects
that this process will culminate successfully during the course
of this week," the filing said.

Controlled by Spain's Banco Bilbao Vizcaya Argentaria SA (BBV)
Banco Frances is Argentina's fifth-largest bank in terms of
assets.

CONTACT:  BBVA Banco Frances SA
          199 Reconquista
          Buenos Aires
          Argentina 1003
          Phone: +54 11 4346 4000
          Home Page: http://www.frances.com.ar
          Contacts:
          Jaime Guardiola Romajaro, Chairman


BECARPLAST: Credit Check in Bankruptcy Process Ends Today
---------------------------------------------------------
The credit verification process for the bankruptcy of Argentine
company Becarplast S.A. ends today, according to an earlier
report by the Troubled Company Reporter - Latin America. The
Company's receiver, Mr. Pablo Ernesto Aguilar, will start
preparations for the individual reports.

The receiver is also required to prepare a general report after
the individual reports are processed at court. However, local
sources did not mention whether the court has set the deadlines
for the filing of the receiver's reports.

CONTACT:  Pablo Ernesto Aguilar
          Hipolito Yrigoyen 1516
          Buenos Aires


DROGUERIA MAGNA: Evaluadora Rates Bonds `C+'
--------------------------------------------
Evaluadora Latinoamericana S.A. Calificadora de Riesgo rates US$5
million of bonds issued by Argentine company Drogueria Magna S.A.
`C+', relates the Comision Nacional de Valores, the country's
securities regulator. The rating, based on the Company's finances
as of the end of July this year, denotes that the bonds have some
risk of nonpayment.

The bonds were described as "Obligaciones Negociables Simples",
and classified under "Simple Issue". The bonds matured in April
this year. The rating, issued on Friday, was based on the
Company's finances as of the end of July this year.


EDITORIAL PERFIL: Moody's Rates $25M of Bonds `D'
-------------------------------------------------
Some US$25 million of bonds issued by Editorial Perfil S.A. were
rated `D' by Moody's Latin America Calificadora de Riesgo S.A..
The rating, based on the Company's finances as of June 30 this
year, is assigned to financial obligations that are in default.

The bonds were classified under "Series and/or Class", but their
maturity date was not revealed. The Comision Nacional de Valores
described the bonds as "Primera Serie de Obligaciones
Negociables".


ESTABLICIMIENTO ZINKALORD: Court Assigns Receiver
-------------------------------------------------
Buenos Aires Court No. 25 assigned local accountant Maria
Sonmariva as receiver for the bankruptcy of Establecimiento
Zinkalord S.R.L., relates Infobae. Clerk No. 50 aids the court on
the case.

Ms. Sonmariva will verify creditors' claims until February 2 next
year. The court has also ordered the receiver to prepare the
individual and general reports for the process, but the source
did not reveal whether the deadlines have been set.

CONTACT:  Establicimiento Zinkalord S.R.L.
          Belgrano 2910
          Buenos Aires

          Maria Sonmariva
          Florida 930
          Buenos Aires


EUROMAYOR: Bonds Rated `C' by Evaluadora Latinoamericana
--------------------------------------------------------
Evaluadora Latinamericana S.A. Calificadora de Riesgo assigns a
`C' rating to US$3.078 million worth of bonds issued by Euromayor
S.A. de Inversiones recently. The affected bonds, which matured
in June this year, were classified under "Series and/or Class".

The rating means that the bonds possess risk of nonpayment. The
Comision Nacional de Valores relates that the rating, which was
issued on Friday, was based on the Company's finances as of the
end of July this year.


FELTA: Credit Check in Reorganization Ends December 12
------------------------------------------------------
Creditors of Buenos Aires company Felta S.A. must have their
claims verified by the receiver by December 12 this year,
according to a report by Argentine new source Infobae. The
Company's receiver is Mr. Claudio Jorge Haimovichi, an accountant
from Buenos Aires.

The receiver will prepare the individual reports on the results
of the verification process and submit these to the court on
March 1 next year. He is also tasked with the preparation of the
general report, which is due for filing on April 16, 2004, after
the individual reports are processed at court.

Infobae relates that the Company started reorganization after the
city's Court No. 2 approved its petition for "Concurso
Preventivo". Clerk No. 3 assists the court on the case, which
will end after the informative audience on October 8 this next
year.

CONTACT:  Claudio Jorge Haimovichi
          Sarmiento 3843
          Buenos Aires


GRUPO PIACERE: Receiver Ends Verification Process
-------------------------------------------------
Mr. Otto Reinaldo Munch, receiver for bankrupt Buenos Aires
company Grupo Piacere S.A., closes the credit verification
process today. As ordered by the court, the receiver will begin
preparing the individual reports on the results of the
verification process.

An earlier report by the Troubled Company Reporter - Latin
America indicated that the city's Court No. 1 issued the
bankruptcy order with assistance from Clerk No. 2.

In the meantime, local sources did not reveal the deadlines for
the submission of the receiver's reports. The Company's assets
will be liquidated at the end of the bankruptcy process to repay
creditors.

CONTACT:  Otto Reinaldo Munch
          Maipu 509
          Buenos Aires


LAS BAYAS: Files "Concurso Preventivo" Motion
---------------------------------------------
Argentine company Las Bayas S.C.A. seeks court permission to
undergo reorganization. Local newspaper La Nacion relates that
the Company, which is involved in the real estate business, has
filed a motion for "Concurso Preventivo" at the city's Court No.
1, under judge Dieuzeide. Clerk No. 1, Dr. Fernandez Garello
works with the court on the case.

CONTACT:  Las Bayas S.C.A.
          Jose Cubas 3141
          Buenos Aires


MINERA CARLOS: Court Assigns New Receiver
-----------------------------------------
Judge Lezaeta of Buenos Aires Court No. 8 assigned a new receiver
for the bankruptcy process of local company Minera Carlos Suhr
S.A., reports Argentine news portal Infobae. Local accountant
Nancy Edith Gonzalez will assume the responsibilities of a
bankruptcy receiver, which includes verification of creditors'
claims, and the preparation of the individual and general
reports.

CONTACT:  Nancy Edith Gonzalez
          5th Floor, Room 506
          Lavalle 1290


NORTE LOGISTICA: Enters Bankruptcy on Court Orders
--------------------------------------------------
Buenos Aires' Norte Logistica, a transportation company, entered
bankruptcy on orders from the city's Court No. 2, which is under
Judge Garibotto. A report by Argentine newspaper La Nacion
indicated that the court approved a motion for bankruptcy filed
by the Company's creditor.

Working with Clerk No. 4, Dr. Romero, the court assigned local
accountant Antonio Garguilo as receiver for the case. Creditors
are advised to present their claims for verification before
December 30 this year, after which the receiver will prepare the
individual reports. The receiver's duties include the preparation
of the general report after the individual reports are processed
at court.

The source, however, did not indicate whether the court has set
the deadlines for the submission of the receiver's reports.

CONTACT:  Norte Logistica S.R.L.
          1st Floor, Room 2
          Amenabar 1662
          Buenos Aires

          Antonio Gargiulo
          3rd Floor, Room 301
          Uruguay 385
          Buenos Aires


OSTRILLION: Court Approves Reorganization Petition
--------------------------------------------------
Buenos Aires Court No. 10 approved a motion for reorganization
filed by local Ostrillion S.A.C.E.I., reported Argentine news
portal Infobae. Clerk No. 19 aids the court on the case.

The Company's receiver, Estudio Kogan Stupnik y otro, will verify
creditors' claims until February 9 next year, after which it will
prepare the individual reports, which must be turned over to the
court on March 22, 2004. The receiver will also summarize the
results of the individual reports after these are processed at
court into a general report, which is to be submitted on the
following May 6.

Creditors are informed that the informative assembly will be held
on October 28 next year. The meeting is one of the last processes
in a reorganization.

CONTACT:  Estudio Kogan Stupnik y otro
          Sarmiento 1462
          Buenos Aires


PE & EME: Court Orders Bankruptcy
---------------------------------
Buenos Aires Court No. 22 declared Pe & Eme S.A. "Quiebra",
related Argentine news source Infobae. The Company has been
placed under the care of its receiver, Mr. Federico Alberto
Mansbach.

Working with Clerk No. 44, the court ordered the receiver to
verify creditors' claims until December 23. The court also
ordered the receiver to submit the individual reports on March 4,
followed by the general report on April 15 next year.

At the end of the bankruptcy process, the Company's assets will
be liquidated to reimburse creditors. Payments will be based on
the results of the credit verification process.

CONTACT:  Federico Alberto Mansbach
          Tucuman 1506
          Buenos Aires


PESQUERA SANTA MARIA: Seeks Business Reorganization
---------------------------------------------------
Buenos Aires Court No. 13, under Judge Villar, received a
petition for reorganization from local company Pesquera Santa
Maria S.A., relates local news source Infobae. Clerk No. 26, Dr.
Cardama aids the court on the case.

The Company, which sells cars and motorcycles, filed its
"Concurso Preventivo" motion recently. The source, however, did
not mention whether the petition is likely to merit court
approval or not.


STYLE SHOPPING: Court Approves Petition For Bankruptcy
------------------------------------------------------
Judge Ferrario of Buenos Aires Court No. 6 approved a petition
for the bankruptcy of Argentine textile maker Style Shopping
S.R.L., related local newspaper La Nacion. Clerk No. 11, Dr.
Piatti aids the court on the case, the source adds.

The Company's creditor, Cofecor S.A., filed the bankruptcy
petition for nonpayment of debt.

The court assigned Ms. Myriam Lewembaum, as the Company's
receiver. She will examine and validate creditors' claims until
February 13 next year. She is also required to prepare the
individual and general report, but the source did not mention
whether the court has set the deadlines for these reports.

CONTACT:  Style Shopping S.R.L.
          Ave Scalabrini Ortiz 437
          Buenos Aires

          Myriam Lewembaum
          11th Floor, Room 1102
          Montevideo 666
          Buenos Aires



=============
B E R M U D A
=============


TYCO INTERNATIONAL: Reports Fourth Quarter And Full-Year Results
----------------------------------------------------------------
Tyco International Ltd. reported Tuesday a loss of $0.15 per
share for its fourth quarter, compared to a loss of $0.72 per
share in the fourth quarter of 2002. For the full fiscal year
2003, Tyco reported earnings of $0.49 per diluted share, compared
to a loss of $4.62 in fiscal 2002.

Tyco also initiated a divestiture and restructuring program as
part of its previously discussed strategy to sharpen the focus on
its core businesses, simplify operations, and improve its cost
structure. This program has, along with other actions, resulted
in pre-tax charges of $1.2 billion in the fourth quarter and
reduced the Company's fourth quarter earnings per share by $0.49
(see summary of charges below).
Chairman and Chief Executive Officer Ed Breen said: "Our
operating results are in line with expectations. In addition, our
focus and execution on cash generation in the quarter were
outstanding, providing us with increased financial flexibility as
we move into 2004. Tyco's core businesses are strong, we continue
to make progress in improving our operating efficiency, and I
believe the restructuring and divestiture actions we are
announcing today [Tuesday] will enhance our future performance."

Other results for the quarter and full year include:

*  Revenues were $9.5 billion for the quarter, compared to $9.4
billion for the fourth quarter of last year. For the full year,
revenues were $36.8 billion, compared to $35.6 billion for fiscal
year 2002. Excluding the impact of foreign exchange, revenues
were down slightly in the fourth quarter and essentially level in
fiscal 2003 compared to fiscal 2002.

*  Cash from operating activities was $1.8 billion in the fourth
quarter and $5.4 billion for the fiscal year. Free cash flow was
$1.4 billion in the fourth quarter, compared to $0.9 billion in
the same period last year.  Fourth quarter free cash flow
included a voluntary
$207 million contribution to the Company's pension plans. For the
year, free cash flow was $3.2 billion, compared to $0.8 billion
for fiscal year 2002.  Free cash flow is a non-GAAP financial
measure and is described below.  For a reconciliation of cash
from operating activities to free cash flow, see the attached
table.

Divestiture and Restructuring Program

As part of its divestiture program, Tyco intends to sell the Tyco
Global Network (TGN), its undersea fiber optic telecommunications
network, as well as to exit more than 50 other businesses.

The businesses to be exited, the largest of which had annual
sales of less than $400 million, had combined annualized revenues
of $2.1 billion in fiscal year 2003, or about six percent of the
Company's total revenue base. The TGN had a pre-tax operating
loss of $117 million, while the remaining businesses to be exited
had a combined operating profit of approximately $55 million in
2003. Excluding the TGN, Tyco expects to generate at least $400
million in proceeds from the divestiture program and further
expects the program to generate a pre-tax loss of $250 million to
$750 million.

The businesses to be exited are in every Tyco business segment
except Plastics & Adhesives. Measured on the basis of revenue,
more than half of the planned divestitures are in the Fire &
Security segment. Aside from the TGN, the Company is not
identifying at this time which businesses will be exited.

Tyco's restructuring program includes the consolidation of 219
manufacturing, sales, distribution, and other facilities. These
actions are expected to reduce employment levels by about 7,200
employees. Of the facilities to be consolidated, 184 are in Fire
& Security, 30 are in Plastics & Adhesives, and the remainder are
in Engineered Products & Services. The charges associated with
the restructuring program, most of which will be expensed in
fiscal year 2004, are expected to be about $400 million, of which
approximately $280 million is cash. Total annualized savings from
the restructuring program are estimated at $230 million by 2005.
Additional details are provided in the attached schedule.

Mr. Breen said: "Our divestiture and restructuring moves will
accelerate our ability to improve our profitability as we
continue to make the transition from an acquisition-focused
enterprise to a high-performing operating company. Although the
TGN is the world's largest undersea fiber optic network, we
believe consolidation is needed in this market. Since we are not
prepared to invest further in this industry, we intend to exit
the business. The other planned divestitures are small, non-
strategic businesses that require a disproportionate amount of
resources and management attention."

Summary of Charges

In the fourth quarter, the Company recorded pre-tax charges of
$1.2 billion ($0.49 per share of earnings), which consist of the
following:

*  In anticipation of its sale, the Company reduced the carrying
value of the TGN, which resulted in a non-cash charge of $664
million.

*  The Company's decision to sell the TGN resulted in a $278
million non-cash goodwill impairment charge.  As a consequence of
this action, there is no longer any goodwill at the segment's
Power Systems and Printed Circuit Board businesses.

*  As previously announced, the Company adopted FASB
Interpretation No. ("FIN") 46, "Consolidation of Variable
Interest Entities," as of July 1, 2003, primarily in connection
with its synthetic leases.  As a result, the Company increased
total debt by $562 million and recorded a non-cash, cumulative
effect accounting charge of $116 million pre-tax ($75 million
after-tax, and $0.04 per share impact).

*  The Company recorded $87 million of non-cash asset impairments
and other charges in the Fire & Security segment, and $47 million
of charges at Tyco corporate.

*  The Company recorded $53 million in charges in connection with
the restructuring program, which was largely offset by $45
million in previous restructuring credits.

QUARTERLY OPERATING RESULTS

The financial results presented in the tables below are in
accordance with generally accepted accounting principles (GAAP).
All dollar amounts are pre- tax and stated in millions. All
comparisons are to the quarter ended September 30, 2002 unless
otherwise indicated.

    Fire and Security
                      September 30, 2003    September 30, 2002

Net revenues                $2,906.7              $2,876.7
Operating profit              $133.1                $223.3
Margins                         4.6%                  7.8%

Revenues increased $30 million, driven by a $132 million increase
from foreign currency. Excluding the impact of currency changes,
revenue declined modestly, due to continued weakness in the
Continental Europe Security business.

Operating profit in the fourth quarter of 2003 includes $101
million in net charges, primarily related to restructuring and
impairment of long-lived assets. Operating performance benefited
from improvement in Worldwide Security, which was partially
offset by weakness in the Fire Protection business.

    Electronics
                      September 30, 2003    September 30, 2002

Net revenues                $2,656.4              $2,566.1
Operating loss               ($559.9)            ($1,888.6)
Margins                       (21.1%)               (73.6%)

Revenues increased $90 million, driven by a $113 million increase
from foreign currency. Overall, the connector business was up
modestly in the quarter with strength in automotive and
communications markets offset by weakness in general industrial
markets. The non-connector portion of Electronics declined
slightly due to continued weakness in telecommunications
infrastructure-related markets.

The operating loss in the fourth quarter of 2003 was driven by
net charges of $922 million. These charges include a $664 million
write-down of the carrying value of the TGN and a $278 million
goodwill impairment charge. The operating loss in the fourth
quarter of 2002 included $2.1 billion in charges relating to
goodwill impairment, impairment of certain long-lived assets, and
other restructuring and one-time charges. Operating profit
improved in 2003 due to better performance in automotive,
communications, and telecommunications (TyCom).

    Healthcare
                      September 30, 2003    September 30, 2002

Net revenues                  $2,216.6              $2,118.3
Operating profit                $595.3                $500.3
Margins                          26.9%                 23.6%

Revenues increased $98 million, driven by a $56 million increase
from foreign currency and seven percent revenue growth in the
U.S. healthcare businesses. This increase was partially offset by
decreased sales at the International Healthcare division.

Operating profit increased 19%, driven by increased sales, higher
production volumes and a continued focus on optimizing operating
expenses. Foreign exchange also contributed to the improvement.

    Engineered Products and Services
                     September 30, 2003    September 30, 2002

Net revenues                $1,224.5              $1,334.8
Operating profit               $70.0                 $54.8
Margins                         5.7%                  4.1%

Revenues declined $110 million, despite a $67 million benefit
from foreign currency. This reflected lower sales volumes at the
Flow Control and Electrical & Metal Products businesses, as both
divisions continue to suffer from weak economic conditions and
softness in non-residential construction activity.

Operating profit increased 28%, reflecting the impact of prior
year charges of $97 million. Excluding impairment charges from
the year over year comparison, operating profit decreased
significantly in 2003, as a result of lower sales volumes at Flow
Control as well as increased steel costs and lower sales volumes
at Electrical & Metal Products.

    Plastics & Adhesives
                      September 30, 2003    September 30, 2002

Net revenues                 $468.6                $476.9
Operating profit (loss)       $28.0                 $(2.7)
Margins                         6.0%                 (0.6)%

Revenues declined slightly, driven primarily by declines in the
A&E Molded Plastics and Adhesives businesses, which were
partially offset by a $5 million increase from foreign currency.

Operating profit increased $31 million, reflecting the impact of
charges in fiscal year 2002. Operationally, segment profit
declined due to the impact of higher resin and other material
costs, unfavorable sales mix, and lower volumes.

Other Items

*  Net interest expense for the fourth quarter was $252 million,
down 15% from $295 million in the same period a year ago, as a
result of lower debt levels.

*  The Company repaid $1.0 billion in debt during the fourth
quarter.
Tyco's debt-to-capitalization ratio was 44.3% as of September 30,
2003.

*  The Company had cash on hand of approximately $4.2 billion at
September 30, 2003, compared to $3.9 billion at June 30, 2003.

*  To assist in summarizing and understanding the charges
included in Tyco's GAAP results for fiscal 2003, the Company has
attached an explanatory schedule to this press release showing
the impact of the restatement and the notable charges taken in
2003 and a schedule showing the estimated restructuring charges
for 2004.  A more detailed schedule has been posted on the
investor relations section of its website www.tyco.com.

Progress in 2003

Mr. Breen noted that in the first full fiscal year under Tyco's
new management, the Company made significant and steady progress
at both the corporate and operating levels. Among other
accomplishments, Tyco:

*  Reduced the Company's debt by $3.2 billion and restructured
its debt repayment schedule, which solved the Company's short-
term liquidity challenge.

*  Substantially increased the Company's free cash flow to $3.2
billion for 2003.

*  Implemented a series of initiatives to improve operational
excellence, including Six Sigma quality programs, Strategic
Sourcing and rationalization of the Company's real estate
footprint.

*  Strengthened the Fire & Security segment by changing senior
management, focusing the security business on higher quality
customers and capital returns, initiating the streamlining of the
manufacturing organization, and improving operating costs across
the segment.

*  Expanded margins in the Healthcare segment by 140 basis
points, while increasing R&D spending by 17%.

*  Improved the cost structure of the Electronics segment, which
better positions this business for margin expansion as the
economy strengthens.

Mr. Breen said: "Over the past year, our employees have made
major progress in addressing the financial, operating and
governance challenges that have faced Tyco. As a result of their
hard work, the Company is in a strong competitive position and
can look ahead to a bright future with many opportunities for
growth in our markets around the world."

Outlook

In fiscal 2004, Tyco expects to achieve earnings per share of
$1.42 to $1.52, excluding the impact of the divestiture and
restructuring programs. This outlook anticipates a modest
improvement in economic activity over the next year. Stronger
economic performance in the industrial and non-residential
construction markets will be an important factor in the Company's
achieving the high end of this range. For the first quarter of
fiscal 2004, the Company expects to achieve earnings per share of
$0.30-$0.32 before any divestiture or restructuring charges. This
represents 13-20% net income growth and 7-14% EPS growth from the
first quarter of 2003.

The Company expects cash from operating activities and free cash
flow in 2004 to exceed the levels achieved in 2003, which were
$5.4 billion and $3.2 billion, respectively.

EPS excluding charges is a non-GAAP measure and it should not be
considered a replacement for GAAP results. The Company has
forecast its results excluding restructuring and divestiture
charges to give investors additional perspective on the
underlying business results. Because the Company cannot predict
when the divestitures will occur and the associated charges or
gains will be taken, it is difficult to accurately include the
impact of those items in the forecast.

About Free Cash Flow

"Free cash flow" (FCF) is a non-GAAP metric and should not be
considered a replacement for GAAP results. Investors are urged to
read the Company's financial statements as filed with the
Securities and Exchange Commission (SEC). The measure should be
used in conjunction with other GAAP financial measures and is not
presented as alternative measure of cash flow as calculated and
presented in accordance with GAAP. Investors should not rely on
FCF as a substitute for any GAAP financial measure. FCF as
presented herein may not be comparable to similarly titled
measures reported by other companies. FCF has limitations due to
the fact that it does not represent the residual cash flow
available for discretionary expenditures. See the accompanying
table to this press release for a cash flow statement presented
in accordance with GAAP and a reconciliation presenting the
components of free cash flow.

FCF is used by the Company to measure its ability to meet its
future debt obligations and is a significant measurement tool in
the Company's incentive compensation plans. The Company believes
that FCF is an important measure of the Company's management of
cash flow and operating performance. The difference between Cash
from Operating Activities (the most comparable GAAP measure) and
FCF (the non- GAAP measure) consists of significant cash outflows
that the Company believes are useful to measure its operations.
The difference reflects net capital expenditures, acquisition of
dealer accounts, Tyco Global Network spending, cash paid for
holdbacks from prior acquisitions and purchase accounting,
dividends paid, and the impact from the sale of accounts
receivable programs. These items, particularly capital
expenditures and acquisition of dealer accounts, are integral to
the Company's operations and deducting these items provides a
better picture in management's view of cash available for other
uses including debt retirement.

Foreign Exchange Rates

From time to time, this press release discusses the impact of
foreign exchange rates on revenues and operating profit. The
Company believes this provides investors with a more complete
understanding of underlying results and trends of its base
businesses.

ABOUT TYCO INTERNATIONAL LTD.

Tyco International Ltd. is a diversified manufacturing and
service company. Tyco is the world's largest manufacturer and
servicer of electrical and electronic components; the world's
largest manufacturer, installer and provider of fire protection
systems and electronic security services; and the world's largest
manufacturer of specialty valves. Tyco also holds strong
leadership positions in medical device products, and plastics and
adhesives. Tyco operates in more than 100 countries and had
fiscal 2003 revenues from continuing operations of approximately
$37 billion.

To see financial statements:
http://bankrupt.com/misc/TYCO_INTERNATIONAL.htm



===========
B R A Z I L
===========

BRASKEM: To Sell $419M Worth of Four-Year Domestic Bonds
--------------------------------------------------------
In a bid to extend maturities on about US$1 billion of debt,
Brazilian Petrochemical group Braskem SA revealed plans to sell
BRL1.2 billion (US$419 million) worth of four-year bonds on
Brazilian domestic markets, relates Bloomberg.

The Company, Latin America's largest petrochemical group, chose
Banco do Brasil SA, ABN Amro NV, Banco Bradesco SA, Citigroup
Inc. and Uniao de Bancos Brasileiros SA to manage the sale.

The planned bond issue follows the sale of US$386 million of
international bonds from a US$500-million borrowing plan started
in July.

According to Braskem Chief Financial Officer Paul Altit, the
Company is arranging another US$220 million of other financing.

"Braskem's objective is to give more flexibility and
competitiveness to our capital structure, extend payment terms
and reduce costs," Altit said.

Braskem, formed last year from the combination of several
indebted petrochemical companies controlled by the Odebrecht
group, is in the process of integrating and upgrading its
facilities. The debt of the combined company has been reduced by
a quarter to BRL6.78 billion at the end of June from BRL9.09
billion at the end of September 2002, the month Braskem was
created.

The domestic bonds will be priced to yield 4.5 percent more than
Brazil's CDI rate, or overnight bank deposit rate. At current
rates it would pay between 23 percent and 24 percent.



=========
C H I L E
=========

EDELNOR: Sees Positive Turnaround In Financial Results
------------------------------------------------------
Chilean thermo generator Edelnor reported a net profit of CLP10
billion (US$16.1 million) in the first nine months of the year,
reversing a loss of CLP37.9 billion in the same period last year,
Business News Americas reports, citing a company statement sent
to the country's securities commission (SVS).

In the filing, Edelnor, which is owned by Belgian power company
Tractebel and Chile's state copper company Codelco, revealed a
non-operating profit of CLP18 billion, compared to a loss of
CLP45.3 billion in the same period last year. The positive result
follows a renegotiation of long-term debt, together with a better
exchange rate difference this year.

Operating revenues increased 10% to CLP42.3 billion, but
operating margins were at negative CLP2.75 billion, compared to
profits of CLP1.38 billion in the same period last year. This was
due to a 1150% increase in operating losses to CLP5.83 billion
that resulted from higher fixed and variable costs: the useful
life of the Company's plants is now listed as 25-30 years instead
of 40-45 years, there were greater maintenance costs at the
Mejillones plant, and gas transport costs increased relative to
2002 because gas supplies were suspended for two months in 2002
due to an accident which cut supplies, and then for a further two
months thanks to a planned maintenance program.

CONTACT:  Empresa Electrica Del Norte Grande SA
          Avenida Grecia 750
          Antofagasta, Chile
          Phone: +56 55 248500
                 +56 55 248094
          Contact: Fernando del Sol, Chairman



===============
C O L O M B I A
===============

BELLSOUTH COLOMBIA: Regains Financial Health
--------------------------------------------
Colombia's Securities Superitendency revealed that Bellsouth
Colombia, the country's No. 2 cellular company, is now back in
the black.

Citing a statement from the superitendency, Dow Jones reports
that the Colombian unit of BellSouth (BLS) reported net income of
COP16.4 billion in the first nine months of the year, compared to
a staggering COP341-billion loss in the same period last year.

BellSouth Colombia had operating revenue of COP806 billion during
the first nine months, from COP633 billion in that period of
2002. Its net assets were COP1.77 trillion in the first three
quarters, from COP1.56 trillion in those nine months of 2002.


MILLICOM INTERNATIONAL: Announces Accounting Treatment Revision
---------------------------------------------------------------
Millicom International Cellular S.A. ("Millicom") (Nasdaq: MICC)
announced its results for the quarter and nine months ended
September 30, 2003 on October 22, 2003. Prior to that release,
the accounting treatment of its approximately $310 million 5%
Mandatorily Exchangeable Notes (the "Notes") and the Tele2 AB
shares into which the Notes are exchangeable was reviewed by
PricewaterhouseCoopers, Millicom's auditors.

Subsequently, PricewaterhouseCoopers has advised Millicom that
there should be a change of accounting treatment relating to the
Notes and the Tele2 AB shares. Based upon this revised
professional advice, and to ensure compliance with IFRS, Millicom
has decided to adopt this change. As a result, Millicom will
markto-market on a quarterly basis the value of its holding of
Tele2 AB shares, with any resulting changes in fair value being
recorded in Millicom's profit and loss statement for such period
under the heading "valuation movement on securities".

Millicom will also account for the embedded derivative relating
to the corresponding Note revaluation and to the potential 30%
premium if the price of the Tele2 AB shares is above the
reference price of SEK 285 in accordance with the terms of the
Notes, at fair value with any subsequent change in its fair value
being recorded in the profit and loss statement. The net impact
on Millicom's results reflects an economic hedge against a
decrease in the price of Tele2 AB shares and the premium that
Millicom would realize at maturity if the price of the Tele2 AB
shares is above the reference price in accordance with the terms
of the Notes.

Accordingly, Millicom is reissuing its results for the quarter
and nine months ended September 30, 2003 to reflect the change in
accounting treatment relating to the Notes, which results in an
increase of $10.7 million in its profit and net shareholders'
equity for the nine months ended September 30, 2003. Although
changes in the market value of the Tele2 AB shares will impact
Millicom's net income on a quarterly basis until the Notes mature
in August 2006, the aggregate net impact over this period cannot
result in a loss to Millicom.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group's cellular
operations have a combined population under license of
approximately 382 million people. In addition, MIC provides high-
speed wireless data services in five countries.

CONTACT:   MILLICOM INTERNATIONAL CELLULAR S.A., Luxembourg
           Marc Beuls, President and Chief Executive Officer
           Telephone: +352 27 759 101
           URL: www.millicom.com

           SHARED VALUE LTD, London
           Andrew Best, Investor Relations
           Telephone: +44 20 7321 5022



=============
E C U A D O R
=============

LIQUIDATED BANKS: AGD Continues To Clean Up Bad Debt Portfolio
--------------------------------------------------------------
Ecuador's deposit insurance agency AGD, which is responsible for
intervening and closing insolvent banks as well as reimbursing
depositors, will list this week debtors of liquidated banks under
AGD's control, Business News Americas says, citing an AGD top
executive.

Wilma Salgado, the agency's head, said this new inventory
represents the third such list published by the agency targeted
to clean up the bad debt portfolio of the liquidated banks. A
third of the names on the new list have already appeared in
earlier debtor lists, Salgado added.

"There are around 2,000 new debtors on this list whose debts
reach US$45," Salgado said.



=============
J A M A I C A
=============

JUTC: Union Lets Workers Decide On New Payment Offer
----------------------------------------------------
The University and Allied Workers Union (UAWU) agreed to let
general workers at Jamaica Urban Transit Company decide whether
to accept an improved retroactive payment offer from the Company,
said UAWU President Dr. Trevor Munroe.

The workers, according to a report released by the Jamaica
Observer, were to decide on the offer, which will cost the state-
run bus company $48 million, at a meeting scheduled for Tuesday
evening, November 4.

In June 2001, wage increases resulting from a reclassification
exercise at the Company were withheld from drivers and
conductors. Munroe said that some retroactive payments began in
July this year.

In late August this year, the Company is said to have paid some
$28 million to UAWU drivers and conductors for a separate set of
retroactive payments going back to April 2003. But the union
wanted retroactive payment before April of this year, though it
has not given a specific date.



===========
M E X I C O
===========

ALESTRA: Offers for Reorganization Plan Expire
----------------------------------------------
Alestra, S. de R.L. de C.V. ("Alestra") announces that its
pending cash tender offers, exchange offers and consent
solicitation for all of its outstanding principal amount of its
12 1/8% Senior Notes due 2006 and 12 5/8% Senior Notes dues 2009
(the "offers") and its solicitation of acceptances to a U.S.
prepackaged plan of reorganization expired at 11:59 p.m. November
4, 2003.

As of Tuesday, approximately $233 million principal amount of
Alestra's outstanding 12 1/8% Senior Notes Due 2006 have been
tendered in the offers and approximately $254 million principal
amount of Alestra's outstanding 12 5/8% Senior Notes Due 2009
have been tendered in the offers. These amounts in the aggregate
represent approximately 85.4% of the existing senior notes. The
offers are conditioned upon receipt of valid tenders representing
at least 85% in aggregate of the existing senior notes.

On October 31, 2003, a hearing was held before the United States
District Court for the Southern District of New York (Wood, J.)
for a motion by W.R.H. Global Securities Pooled Trust ("Huff")
for a second preliminary injunction to enjoin Alestra from
continuing the offers and to require Alestra to resolicit all
holders for their consent to the offers. The court denied Huff's
motion, holding, among other things, that Huff had not
demonstrated a likelihood of success on the merits of its
underlying claims.

You may obtain copies of Alestra's prospectus, prospectus
supplements and transmittal documents for the offers and the
solicitations from the Information Agent: D.F. King & Co., Inc.,
48 Wall Street, New York, New York, 10005. Banks and brokers call
collect: (212) 269-5550. All others call toll free:
(800) 549-6697.

This announcement and the cash tender offers, exchange offers,
and consent solicitations which are the subject hereof are not
being made in any jurisdiction in which, or to any person to
whom, it is unlawful to make such announcement and/or cash tender
offers, exchange offers and consent solicitations under
applicable securities laws. This release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
any sale of these securities in Mexico or in any U.S. state or
territory in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of Mexico and any such U.S. state or territory.

Alestra is a leading provider of competitive telecommunications
services in Mexico that it markets under the AT&T brand name and
carries on its own network. Alestra offers domestic and
international long distance services, data and internet services
and local services.

Any questions regarding the cash tender offers, exchange offers,
the consent solicitations and the solicitation of acceptances to
a U.S. prepackaged plan of reorganization may be addressed to
Morgan Stanley as dealer manager for this transaction at the
following number:

CONTACT:  Alestra, S. de R.L. de C.V.
          Simon Morgan
          Phone: 212-761-2219

          Heather Hammond
          Phone: 212-761-1893


EMPRESAS ICA: To Continue Divestment Plan Next Year
---------------------------------------------------
Mexico's largest construction company Empresas ICA Sociedad
Controladora SA said it will continue with its US$100-million
divestment plan next year, El Economista reports. The Company's
director of finance, Mr. Jose Luis Guerrero, expects to conclude
this plan next year also.

The plan, which includes the sale of several parking lots and
pieces of real estate, is part of ICA's efforts to reduce debts,
which at the end of September stood at MXN5.133 billion.

A recent report released by the Troubled Company Reporter - Latin
America revealed that ICA is planning to ask existing
shareholders to buy US$225 million of new shares in a bid to
reduce debt.

TCR-LA said that the Company will hold a shareholders meeting on
Nov. 17 to approve a plan to sell current shareholders 1.24
billion shares, double the current number of outstanding shares,
at 2 pesos a share (18.1 U.S. cents).

Grupo Financiero Inbursa SA, which is controlled by Mexican
billionaire Carlos Slim, has agreed to buy a minimum of 250
million of the shares and has an option to purchase 500 million
more of the shares not subscribed by shareholders.

Inbursa currently has a 12.4% stake in the Mexican construction
company.

CONTACT:  Dr. Jose Luis Guerrero
          (5255) 5272-9991 x2060
          jose.guerrero@ica.com.mx

          Lic. Paloma Grediaga
          (5255) 5272-9991 x3470
          paloma.grediaga@ica.com.mx

          In the United States:
          Zemi Communications
          Daniel Wilson
          (212) 689-9560
          d.b.m.wilson@zemi.com


VITRO: To Issue Peso Bonds Worth MXN63.45 Mln
---------------------------------------------
Vitro S.A. de C.V., one of the world's largest producers and
distributors of glass products, is about to make a peso bond
issue worth MXN63.45 million, El Economista reorted. The issue,
which will be handled by Scotia Inverlat, has been given a rating
of F1 by Fitch IBCA risk assessment company. It will have a term
of 168 days and will yield 8.10%, the paper reports.

CONTACT:  Vitro S.A. de C.V.
          Investor Relations
          Beatriz Martinez / Jorge Torres
          + (52) 81-8863-1258 / 1240
          bemartinez@vitro.com
          JTorres@vitro.com

          Breakstone & Ruth International
          U.S. agency
          Alex Fudukidis / Susan Borinelli
          (646) 536-7012 / 7018
          afudukidis@breakstoneruth.com
          Sborinelli@breakstoneruth.com

          Vitro, S. A. de C.V.
          Media Relations
          Albert Chico
          + (52) 81-8863-1335
          achico@vitro.com



=======
P E R U
=======

VOLCAN: Financial Results Improve in the 3Q03
---------------------------------------------
Peruvian zinc miner Volcan managed to lower net losses in the
third quarter of 2003 to PEN12.3 million (US$3.54 million) from
PEN33.3 million registered in the same quarter last year, reports
Business News Americas.

In a filing with the country's securities regulators Conasev, the
Company stated that revenue came in at PEN139 million (US$40.0
million), slightly up on PEN136 million in the year ago period.

The embattled miner recently struck an accord with Swiss
resources group Glencore International as part of an effort to
free itself of its financial worries. The accord includes a
US$40-million credit from Glencore to be paid off over seven
years, with two years' grace. The loan will be guaranteed by
Volcan's Andachagua assets, part of its Yauli unit in central
Peru's Junin department.

CONTACT:  COMPANIA MINERA VOLCAN
          Av Gregorio Escobedo
          710 Jesus Mara
          Lima, Peru
          Tel: +51 1 219-4000
          Fax: +51 1 261-9716
          Contact:
          Mr. FMG Sayan (Francisco), Chairperson



=====================
P U E R T O   R I C O
=====================

CENTENNIAL COMMUNICATIONS: Prices Common Stock Offering
-------------------------------------------------------
Centennial Communications Corp. (the "Company" or "Centennial")
announced Tuesday it priced a public offering of 10,000,000
shares of its common stock. 7,000,000 shares were offered by
Centennial and 3,000,000 shares were offered by affiliates of The
Blackstone Group. The Company and Blackstone have also granted
the underwriter an option to purchase up to an additional
1,500,000 shares of common stock to cover over-allotments, if
any. Lehman Brothers Inc. is acting as sole book-running manager
in connection with this offering.

The Company intends to use the net proceeds from this offering to
repay debt and for general corporate purposes.

About Centennial

Centennial is one of the largest independent wireless
telecommunications service providers in the United States and the
Caribbean with approximately 17.3 million Net Pops and
approximately 971,500 wireless subscribers. Centennial's U.S.
operations have approximately 6.1 million Net Pops in small
cities and rural areas. Centennial's Caribbean integrated
communications operation owns and operates wireless licenses for
approximately 11.2 million Net Pops in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands, and provides voice, data,
video and Internet services on broadband networks in the region.
Welsh, Carson Anderson & Stowe and an affiliate of the Blackstone
Group are controlling shareholders of Centennial. For more
information regarding Centennial, please visit our websites at
www.centennialwireless.com, www.centennialpr.com and
www.centennialrd.com.

CONTACT:  CENTENNIAL COMMUNICATIONS CORP.
          Eric S. Weinstein, 732-556-2220



=================
V E N E Z U E L A
=================

CANTV: Announces Third Quarter 2003 Results
-------------------------------------------
CanTV revealed an 8.7% decrease in revenues due to an unfavorable
regulatory environment and a weak economy, was effectively
overcome through effective Cost Control efforts that helped to
increase EBITDA by 5.5%, reaching an EBITDA margin of 37%.

- Free Cash Flow reached Bs. 750.2 billion in the nine-month
period ended September 30, 2003, a 28.1% increase year-over-year.
Net cash position increased to Bs. 440.6 billion.

- Wireless subscribers recovered slightly sequentially increasing
by 3,263.

- Third quarter Data and Internet revenues continued to post
strong year-over-year growth, increasing 29.0% and 12.5%,
respectively.

- Internet subscribers increased 5.1% sequentially from previous
quarter, and 16.7% from the third quarter of 2002, reaching
218,654 customers.

- Our @b@ (ADSL) customer base continued to experience healthy
growth, increasing 11.7% sequentially and 81.2% from the third
quarter of 2002, reaching 66,752 subscribers.

- Short Messaging Services (SMS) generated 1,289 million messages
in the third quarter of 2003.

- During the third quarter of 2003, the Company received approval
from CADIVI to acquire US$42.5 million to pay for foreign goods
and services and to make payments on outstanding indebtedness. In
addition, CADIVI approved US$24.1 million for the conversion of
bolivars to US dollars for repatriation of dividends paid in
April of 2003.

- During the quarter, the Company acquired Venezuelan Government
Bonds to secure access to additional foreign currency. The bonds,
paid for in bolivars at the official exchange rate of 1,600
bolivars per US dollar, were sold in the secondary market in US
dollars at an average discount rate of 31%, resulting in a net
loss of Bs. 36.8 billion.

- An adjustment of approximately 4% became effective on October
1, 2003, for almost all non-residential and public telephones
tariffs, in addition to the adjustments approved in April 2003
and the 2% adjustment applied in July 2003.

- On October 31, 2003, the Board of Directors approved to propose
to shareholders the payment of a dividend of Bs. 350 per share
(Bs. 2,450 per ADR). The dividend is subject to shareholders'
approval at an extraordinary shareholders' meeting to be held on
December 2, 2003 and would be paid on December 19, 2003, to
shareholders of record on December 12, 2003.

Summary of Operating results

Total access lines remained flat at 2.7 million. Growth in ADSL
@b@ subscribers, prepaid lines and public telephones was offset
by a decrease in residential and non-residential lines. The
Company has continued a program to selectively migrate certain
postpaid residential lines to prepaid lines based on customers
payment capacity.

During August 2003, CANTV launched the new fixed wireless service
"CANTV Ready", reaching 10,433 subscribers at the end of
September 2003.

In comparison to the volumes posted during the second quarter of
2003, local bundled and unbundled minutes remained flat. Local
unbundled minutes increased by 0.4% reflecting higher average
residential and non-residential unbundled minutes of use (MOUs)
per line of 3.7% and 15.0%, respectively. Local bundled minutes
decreased by 1.4% mainly due to a 4.4% decrease in residential
minutes.

In comparison to the volumes posted during the third quarter of
2002, total third quarter Local bundled and unbundled billed MOUs
declined by 517 million MOUs or 13.2%. Total Local bundled MOUs
decreased by 35 million minutes (3.3%) to 1,019 million minutes,
due to lower residential and non-residential average MOUs per
line of 6.8% and 7.0%, respectively, as well as a lower customer
base.

Total Local unbundled MOUs decreased by 482 million minutes
(16.8%) to 2,395 million minutes, reflecting a decrease of 192
million residential minutes (12.6%), 185 million non-residential
minutes (18.3%) and 105 million Public Telephones and
Telecommunications Center minutes (30.7%). The decrease in
residential unbundled minutes of use was mainly driven by lower
average MOUs per line of 11.4% and the lower residential lines,
while the decline in non-residential minutes was primarily
attributable to the line reduction and customers migrating to
flat rate plans. The number of non-residential customers
subscribed to flat rate plans reached 11,595 in the third quarter
of 2003, a 59.2% increase compared to the third quarter of 2002.

As of September 2003, CANTV had 452 Telecommunications Centers, a
12.7% increase over September 2002. Despite this increase, public
telecommunications minutes decreased primarily as a result of
customers using other mechanisms, such as wireless communications
and the rental of fixed wireless phones or wireless handsets in
the streets, some of which represent illegal practices that the
Company is currently combating. The Company is in the process of
launching several initiatives, including changes in
Telecommunications Centers franchises, offering calling cards at
varied costs, among others, as part of the actions taken to
improve the public telecommunications segment.

Blended Local average real rates decreased 12.5% versus the third
quarter of 2002, reflecting the lack of tariff adjustments in
residential as well as non-residential tariff increases lagging
inflation. Sequentially, combined DLD bundled and unbundled
minutes increased by 2.5%.

Compared to the third quarter of 2002, total bundled and
unbundled Domestic Long Distance (DLD) MOUs decreased by 65
million minutes to 612 million minutes or 9.6%. Total residential
DLD minutes decreased by 17 million minutes (4.3%) to 374 million
minutes compared to the 391 million minutes posted in the third
quarter of 2002 due to lower MOUs per line and access lines.
Unbundled DLD residential MOUs, decreased by 22 million minutes
(17.9%) to 101 million minutes due to a 17.4% decrease in average
MOUs per line. Unbundled DLD nonresidential
MOUs decreased 10.7% to 158 million minutes mainly as a result of
a 7.3% decrease in average MOUs per line as well as a lower non-
residential customer base due to business closures. Blended DLD
average real rates decreased 5.4% due to the lack of tariff
adjustments lagging inflation.

Billed International Long Distance (ILD) outgoing minutes
remained flat at 50 million minutes in the third quarter of 2003
compared to the same quarter of 2002. Sequentially, ILD outgoing
minutes increased by 2.0% mainly due to traffic increases
associated with lower real rates.

The incoming to outgoing ratio increased to 1.04 in the third
quarter of 2003 compared to 0.98 in the second quarter of 2003
and to 0.96 in the third quarter of 2002. ILD average real rates
decreased 14.7%, when compared to the third quarter of 2002.

During the second quarter of 2003, Local and DLD Fixed to Mobile
tariffs were consolidated so the rate structure for the services
became identical, resulting in a higher local tariff and a lower
DLD tariff compared to the previous ones. In addition, DLD Fixed
to Mobile minutes are now rounded to whole minutes instead of
actual minutes elapsed for residential and non-residential
services, resulting in higher residential and non-residential DLD
minutes beginning the second quarter of 2003. As a result of
these changes, Local Fixed to Mobile minutes decreased
sequentially by 3.6%, while DLD Fixed to Mobile minutes increased
by 3.0%. Compared to the third quarter of 2002, total Local Fixed
to Mobile minutes decreased by 96 million minutes (24.4%) to 298
million minutes mainly as a result of customers' reaction to
41.5% increases in Local nominal rates. DLD Fixed to Mobile
decreased by 22 million minutes (13.7%) to 139 million minutes
reflecting a decrease of 34 million of public telecommunications
minutes, partially offset by increases in residential and non-
residential DLD Fixed to Mobile minutes of 4 and 8 million
minutes, respectively, driven by the change to rounded minutes.

Local Fixed to Mobile average real rates increased 9.7% and DLD
Fixed to Mobile average real rates decreased by 26.3% from the
third quarter of 2002.

Sequentially, Interconnection Mobile to Fixed incoming minutes
increased 3.4%. Year-over-year Interconnection incoming minutes
increased by 57 million minutes (18.3%) to 369 million minutes,
mainly driven by increased traffic from other fixed operators.

ADSL @b@ lines increased 11.7% from the second quarter of 2003,
while analog and digital circuits decreased by approximately
13.2% pushed by the economic slowdown and the wider availability
of @b@. Year-over-year data services posted an 81.2% increase in
ADSL @b@ lines, while analog circuits and Digital Private Lines
decreased by 3.3%.

Sequentially, wireless subscribers increased by 0.1%, while MOUs
(outgoing and incoming) increased by 17.9%, driven by a 20.1% and
9.9% increase in prepaid and postpaid minutes, respectively, as a
result of promotional plans launched. Beginning in August 2003,
the "Strongly Connected" plan was launched for prepaid customers
offering airtime measured in seconds, free SMS and voice message
service. This program is available to prepaid customers and, as
of September 30, 2003, reached 353,645 customers. SMS messages
decreased 9.9% from the second quarter of 2003 as a result of
customers' reaction to the Bs. 5 charged per message under the
unlimited prepaid plan beginning June 2003. The Company
introduced this charge to avoid traffic congestion and generate
revenues.

Compared to the third quarter of 2002, wireless subscribers
decreased by 63,886 (2.5%) to approximately 2.5 million,
reflecting a decrease in both postpaid and prepaid bases, of 3.8%
and 2.4%, respectively. This decline was driven by the weakening
economy. Billed MOUs (outgoing and incoming) increased by 11.2%
to 618 million minutes, primarily due to the increase of prepaid
minutes resulting from the new tariff plans, partially offset by
a decrease in postpaid minutes due to the lower customer base
combined with the impact of the incorporation of more bundled
minutes. Billed Average MOUs per postpaid customer decreased by
10.2% due to the tariff increase while billed average MOUs per
prepaid customer increased 100% mainly as a result of the
"Connect with More", tariff plan introduced in November 2002.
This plan gives postpaid customers additional bundled minutes and
lower prepaid rates per MOU. 45,978 postpaid and 87,789 prepaid
customers subscribed to this plan as of the end of September 30,
2003. Special services such as SMS and prepaid voicemail
continued to gain popularity and partially offset the year-over-
year traffic decrease. In the third quarter of 2003, SMS messages
totaled 1,289 million, including both billed and free messages.

Wireless market share was 41% in September 2003 compared to 42%
in September 2002.

Internet subscribers reached 218,654 customers in the third
quarter of 2003 compared to 208,129 at the end of the second
quarter of 2003 (a 5.1% increase) and 187,371 subscribers at the
end of the third quarter of 2002 (a 16.7% increase).

Summary of Financial results

Compared to the third quarter of 2002, consolidated operating
revenues decreased by Bs.
71.3 billion (8.7%) to Bs. 751.3 billion. This result was
primarily attributable to real rate decreases due to lack of
residential tariffs increases and tariffs adjustments lagging
inflation, volume decreases, the ongoing shift of customers to
flat-rate plans and declining residential and nonresidential
access lines, all due to a weakening economy. Local services,
DLD, ILD and Fixed to Mobile decreased 14.8%, 18.1%, 7.1% and
24.1%, respectively. Growth in data (Bs. 15.3 billion or 29.0%),
other wireline-related services (Bs. 1.0 billion or 3.9%),
wireless services (Bs. 8.9 billion or 5.2%) and Internet revenues
(Bs. 2.0 billion or 12.5%) partially offset the revenue decline.

For the third quarter of 2003, Local services, Fixed to Mobile
and wireless services represented 28.3%, 17.9% and 24.1%,
respectively, of total revenues compared to 30.3%, 21.5% and
21.0%, respectively, in the third quarter of 2002.

Sequentially, operating revenues slightly decreased by 0.2%,
reflecting decreases in data due to a volume decline in DPL and
Frame relay, other wireline-related services and other
telecommunications-related services including directories, as
there were no published directories during this quarter. These
decreases were largely offset by increases in almost all services
including Local and DLD, ILD, Fixed to Mobile, wireless services
and Internet.

Total third quarter 2003 operating expenses decreased by Bs.
112.0 billion (13.7%) to Bs. 707.1 billion compared to the same
2002 period, mainly due to lower operations, maintenance, repairs
and administrative expenses, concession and other taxes and
interconnection costs. Operations, maintenance, repairs and
administrative expenses decreased by Bs. 47.4 million (12.0%)
mainly driven by lower contractors and miscellaneous expenses as
a result of the Company's efforts to control and reduce costs. As
part of these efforts, some agreements with suppliers were
cancelled and commissions paid to agents and advertising expenses
were reduced. Concession and other taxes decreased 47.4% due to a
reduction of Bs. 16.4 billion in Concession taxes payable,
resulting from a redefinition of the taxable base for the
calculation of special telecommunication taxes on interconnection
revenues from wireless operations. In addition, concession and
other taxes also decreased year over year as a result of the
reduction of the financial transaction taxes rate from 1% to
0.75%. Interconnection costs decreased 7.8% as a result of a
22.3% decline in average real rates, partially offset by higher
minutes. Depreciation and amortization expense decreased by Bs.
26.3 billion (10.3%) as a result of certain assets reaching the
end of their useful lives. Total operating expenses in real terms
decreased by Bs. 60.7 billion or 7.9% compared to the second
quarter of 2003.

EBITDA and EBITDA margin for the third quarter of 2003 were Bs.
274.4 billion and 37%, respectively, compared to the Bs. 260.0
billion and 32%, reported for the third quarter of 2002. EBITDA
and EBITDA margin for the nine-month period of 2003 were Bs.
782.3 billion and 35%, respectively, compared to the Bs. 937.3
billion and 38%, reported for the same period in 2002.

Other expense, net of Bs. 57.2 billion was recorded in the third
quarter of 2003 compared to other income, net of Bs. 8.5 billion
in the same quarter in 2002. The 2003 negative result is
primarily attributable to a Bs. 36.8 billion loss recorded from
the sale of Venezuelan Government Bonds denominated in US dollars
acquired in August 2003 and settled with an average discount of
31%. In addition, the Company also recorded a loss of
approximately Bs. 19.4 billion from the retirement of certain
assets, combined with a loss from net monetary position of Bs.
4.1 billion recorded in the third quarter of 2003 compared to a
gain from net monetary position of Bs. 13.4 billion resulting
from holding a higher net monetary asset position in the third
quarter of 2003.

Income tax expense of Bs. 11.5 billion recorded in the third
quarter of 2003 compared to a reversal of Bs. 9.8 billion
recorded in the third quarter of 2002 which benefited by a
decision to contribute up to Bs. 120 billion to the pension fund,
which was deductible for tax purposes. Taxes in Venezuela are
calculated and paid for on the basis of historical bolivar
statements, including an inflation adjustment component.

The Bs. 24.2 billion net loss recorded in the third quarter of
2003, a loss per ADS of Bs. 218.6 (US$0.14) represented a Bs.
46.4 billion decline compared to the Bs. 22.2 billion of net
income, or earnings per ADS of Bs. 200.3 (US$0.13), recorded in
the third quarter of 2002. The loss was primarily attributable to
the previously cited 2003 loss on Venezuelan Government Bonds and
not having the 2002 tax benefit resulting from the Company's
decision to make additional contributions to the pension fund.

September year-to-date free cash flow reached Bs. 750.2 billion
in the third quarter of 2003 compared to Bs. 585.9 billion in the
same period of 2002 mainly as a result of a 81.0% reduction in
capital expenditures of Bs. 259.1 billion.

Income statement data, balance sheet and cash flow data related
to 2002 has been restated to reflect the adoption of IAS 19 and
the consolidation of the Excellence Award trust as previously
announced in our Second Quarter 2003 earnings release.
Other developments Tariffs.

On October 1, 2003, the regular tariff increases ranging from 2%
to 4.6% for non-residential, Fixed to Mobile and public
telephones tariffs which were approved on April 10, 2003 to be
implemented in April, July and October 2003, became effective,
plus the additional adjustment of approximately 4.04%. The
additional adjustment excluded fixed to mobile tariffs and is
applicable when certain joint CANTV and CONATEL devaluation and
inflations estimates are met. Subject to CONATEL revisions made
before the year-end, an additional adjustment of up to 9.24% is
expected to be implemented in January 2004, for non-residential
and public telephones tariffs if projected devaluation and
inflation deviations from agreed levels occur.

Residential tariffs have remained unchanged waiting for CONATEL
approval.

Exchange control

The Exchange Control Regime established by the Government on
January 21, 2003, has continued, and further amendments to the
initial rules were approved after its February 2003
implementation.

Although the Government has approved requests for foreign
currency exchanges at the official rate, access to foreign
currency is still restricted. As of the date of this release, the
Company has received approval to acquire US$11.1 million in the
previous quarter and US$42.5 million during the third quarter,
obtaining a total of US$53.6 million, of which US$18.7 million
was approved for interest and debt payments and US$34.9 million
for payments of foreign goods and services. The Company continues
to seek further approvals from the Government's Commission for
the Acquisition of Foreign Exchange Currency (CADIVI).

In addition, CADIVI approved US$24.1 million for the conversion
of bolivars to US dollars for repatriation of dividends paid in
April 2003.

Dividends

On October 31, 2003, the Board of Directors approved to propose
to shareholders the payment of a dividend of Bs. 350 per share
(Bs. 2,450 per ADR). The aggregate amount of the proposed
dividend is approximately Bs. 275.5 billion. These dividends are
subject to shareholders' approval at an extraordinary
shareholders' meeting to be held on December 2, 2003. These
dividends would be paid on December 19, 2003, to shareholders of
record on December 12, 2003.

Treasury shares

On October 31, 2003, the Board of Directors also approved to
propose to shareholders the reduction from capital stock of the
138,896,536 treasury shares acquired during the Third Repurchase
program completed in November 2001. These shares may be offered
for sale within two years following their acquisition date, or
reduced from capital stock as approved by the shareholders'
assembly as established by the Capital Markets Law.

The Company

CANTV, a Venezuelan corporation, is the leading Venezuelan
telecommunications services provider with approximately 2.7
million access lines in service, 2.5 million cellular subscribers
and 1.1 million Internet users as of September 30, 2003. The
Company's principal strategic shareholders are a wholly owned
subsidiary of Verizon Communications Inc. with 28.5% of the
capital stock, and Telef˘nica S.A. with 6.9%. Other major
shareholders include the Venezuelan Government with 6.6% of the
capital stock (Class B Shares), and employees, retirees and
employee trusts which own 10.1% (Class C Shares). Public
shareholders hold the remaining 47.9% of the capital stock.

CONTACT:  Gustavo Antonetti
          CANTV Investor Relations
          011-58-212-500-1831
          FAX: 011-58-212-500-1828
          E-Mail: invest@cantv.com.ve

          Mariana Crespo
          The Global Consulting Group
          646-284-9407
          E-Mail: mcrespo@hfgcg.com


               ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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