SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 333-13580

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): ____

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): ____

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.

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

The first quarter 2005 analysis presented here includes the results of the subsidiaries in Latin America. Results for the first quarter of 2004 relate to operations in Mexico and, after March 1st, recognize the assets acquired from AT&T Latin America.

[ figures in millions of Mexican pesos, unless otherwise indicated, as of March 2005 ]

Consolidated Income Statements

The first quarter 2005 analysis presented here includes the results of the subsidiaries in Latin America. Results for the first quarter of 2004 relate to operations in Mexico and, after March 1st, recognize the assets acquired from AT&T Latin America.

Revenues: At March 31, revenues from Teléfonos de México and its subsidiaries in Mexico and Latin America rose to 39,037 million pesos, an increase of 27.8% compared with the same period of 2004. The increase primarily was due to the incorporation of the new subsidiaries that were not included in the first quarter of 2004, mainly Embratel. Of total consolidated revenues, voice revenues represented 79.4% and data transmission revenues represented 17.5%.

Costs and expenses: Operating costs and expenses totaled 27,416 million pesos, 34% higher than the first quarter of the previous year due to the incorporation of the new subsidiaries. In particular, transport and interconnection costs increased 106.5% in the quarter, in spite of the fact that in Mexico, the calling party pays rate decreased. Of total costs and expenses, transport and interconnection costs represented 25.2%, cost of sales and services represented 27.9% and commercial, administrative and general expenses represented 23.6%.

EBITDA and operating income: EBITDA (1) rose to 18,006 million pesos in the first quarter, 17.2% higher than the same period of 2004, producing an EBITDA margin of 46.1%. Operating income totaled 11,621 million pesos, an increase of 15.3% compared with the previous year, and the margin was 29.8% in the quarter.

Comprehensive financing cost: Comprehensive financing cost was positive by 838 million pesos in the quarter. This result was due to a net interest charge of 745 million pesos, with an exchange loss of 572 million pesos resulting from the 0.3% depreciation of the peso to the US dollar and the 0.4% depreciation of the Brazilian real to the US dollar, and to the hedges that the company made, partially offset by a net monetary gain of 479 million pesos.

Majority net income: Majority net income rose to 6,292 million pesos in the first quarter, 9.7% higher than the same period of the previous year. Earnings per share for the first quarter, based on the number of shares outstanding at period end, were 0.54 pesos, and earnings per ADR were 0.96 dollars.

Investments: During the first quarter, 270 million dollars were invested. In Mexico, 172 million dollars were invested in the data and Internet businesses. In Embratel, investments totaled 82 million dollars, of which approximately 23 million dollars were used for the satellite business. In the rest of the operations in Latin America, close to 16 million dollars were used for the development of the infrastructure of the various companies.

Dividends: On March 19, the last dividend payment declared in 2004 of 0.17 Mexican pesos was made and the amount paid was 1,985 million pesos.

Repurchase of shares: During the quarter, the company used 3,383 million pesos to repurchase 158,729,280 of its own shares.

Debt: Total debt rose to the equivalent of 9.266 billion dollars compared with 6.001 billion dollars at March 31, 2004. The increase of 3.265 billion dollars was mainly due to the consolidation of Embratel's debt of 1.151 billion dollars and to the senior notes of 1.750 billion dollars. Of total debt, 24.1% is short-term, 88% is in foreign currency (35.7% considering hedges), and 49.5% carries a fixed rate (61.4% considering interest rate swaps). At March 31, 2005, TELMEX carried out interest rate swaps for 12,390 million pesos, producing a new fixed rate of 9.2% and currency hedges for 4.845 billion dollars, of which 96% is related to hedges of pesos to dollars and 4% to hedges of reais to dollars.

During the first quarter, TELMEX repurchased in the market 301 million dollars of its 1.5 billion dollars Senior Notes due 2006. At March 31, 2005, the company's consolidated net debt (4) increased to the equivalent of 1.430 billion dollars mainly due to the consolidation of Embratel's net debt (4) and to the recent financing obtained by the company.

Free cash flow (5): In the quarter, resources provided by operating activities were 12,394 million pesos resulting from variations in working capital, investment in the telephone plant and inventories for the operation generated free cash flow of 4,363 million pesos.

On January 25, 2005, TELMEX sold two series of senior notes in aggregate principal amount of 1.3 billion dollars in two tranches of 650 million dollars each. One series matures in 2010 and bears interest at 4.75% and the other series matures in 2015 and bears interest at 5.50%. On February 14, this transaction was reopened and the amounts of the two senior note series increased to 950 and 800 million dollars, respectively.

On March 9, 2005, the Board of Directors of the company passed resolutions calling for the Extraordinary, Series "L" Special, and Annual Shareholders' Meetings to be held on April 28, 2005, in order to discuss, among other matters, the following proposals: a two-for one stock split; the approval of the Board of Directors report and financial statements for fiscal year 2004; declaration of a cash dividend of $0.76 Mexican pesos per outstanding share in four equal payments of $0.19 Mexican pesos per share, resulting from the net tax profit account, with its implicit dividend adjustment of $0.38 Mexican pesos per share and $0.095 Mexican pesos per payment if the stock split is approved. Also included in the resolution was a proposal to add 6 billion Mexican pesos to the funds authorized for TELMEX to purchase its own shares.

On March 21, 2005, TELMEX announced the acquisition of an equity interest in Net Serviços de Comunicação, S.A. (Net). As a result of this transaction and other related transactions, TELMEX holds 36.9% of Net.

On April 9, 2005, TELMEX and other related entities entered into an agreement to sell MCI shares to Verizon Communications, Inc. (Verizon). The sale agreement provides that Verizon will pay 25.72 dollars in cash per share of MCI common stock. Additionally, TELMEX has the right to receive from Verizon an additional cash payment to the extent the trading value of Verizon's common stock is greater than 35.52 dollars during a measurement period ending immediately prior to the first anniversary of the date of the sale agreement. The consummation of the sale is subject to customary closing conditions, including the receipt of regulatory approval.

At the beginning of April, Embratel initiated a capital increase plan under which it expects to obtain the equivalent of 700 million dollars by the beginning of May. The fist stage ended April 11 and TELMEX's stake was 94.9% of voting shares and 48.6% of total shares. The first leftover round ended April 19, 2005, and TELMEX's stake was 95.1% of voting shares and 60.8% of total shares.

In the first quarter, digital services attained market penetration of 39.2% of lines in service, 3.3 percentage points higher than the same period of the previous year. At March 31, there were 7,665,072 free voice mails (Buzón TELMEX) in operation, an increase of 412,906 free voice mails compared with the fourth quarter of 2004 and representing penetration of 43.7% of lines in service.

During the quarter, 6,642 million local calls were made, a decrease of 1.7% compared with the same period of last year. Lower traffic was due in part to fewer business days in the 2005 period compared with the previous year. Also, in February 2004, some customers' payment date came close together with the billing date that resulted in the one-time effect of billing approximately 94 million additional local calls in the first quarter of 2004.

In the first quarter, domestic long distance (DLD) traffic totaled 4,297 million minutes, 6.6% higher than the same period of 2004. International long distance (ILD) outgoing minutes increased 4.2%, totaling 437 million minutes. Incoming ILD minutes totaled 1,241 million minutes, 21.3% higher than the same period of 2004. The incoming-outgoing ratio was 2.8 compared with 2.4 in the same period of last year.

Total interconnection traffic totaled 8,373 million minutes during the quarter, 22% more than in the same period of the previous year. Since January, the calling party pays rate (traffic originated from a fixed line and terminated in the cellular network) decreased 10%. Customers now pay 2.25 pesos per minute, of which TELMEX keeps 0.54 pesos per minute, or 24% of the rate. This traffic increased 3.1% and represented 19.8% of total interconnection minutes. Traffic originated by the cellular system and terminated on TELMEX's network increased 20.3% and represented 17.6% of total interconnection traffic.

The rest of interconnection traffic is related to the several local and long distance operators that the company supports to terminate their calls in TELMEX's network. This traffic increased 30.1% in the first quarter and represented 62.5% of total interconnection traffic.

Services provided to corporate customers for private networks to transmit data added 86,226 64 Kbps billed line equivalents during the first quarter. At March 31, TELMEX had 1,603,630 billed line equivalents, 33.6% more than the same period of 2004.

Ports equivalent to 64 Kbps, used by the company's customers to access managed network services provided by TELMEX through its public data network and technologies like IP-VPN (Internet Protocol-Virtual Private Network), Frame Relay and Internet, increased 72.6%, totaling 364,056 units.

The growth in the number of high-speed Internet users (ADSL) continued to accelerate. In the quarter, 105,028 ADSL accounts were added to the Prodigy Infinitum service. At March 31, the company had 665,321 high-speed Internet accounts, an increase of 190.7% compared with the same period of last year.

Internet dial-up customers totaled 1,176,142, a year-over-year decrease of 8% as some customers migrated to high-speed services. The Prodigy Internet Plus and Prodigy Hogar Plus programs that include PC financing ended the quarter with 317,156 customers, representing 27% of total dial-up customers. Additionally, the Prodigy per-minute service ended the quarter with 66,747 customers.

Revenues: In the first quarter of 2005, total revenues from operations in Mexico totaled 29,957 million pesos, 1.3% lower than the same period of the previous year. Growth in revenues from Internet access and corporate networks was not enough to offset lower revenues from local, domestic long distance, and interconnection.

- Costs and expenses: In the first quarter, costs and expenses from the operations in Mexico totaled 18,966 million pesos, a decrease of 6.3% compared with the same period of 2004. This decrease was due to lower costs of sales and services, lower interconnection costs related to the reduction of the calling party pays rate, lower depreciation and amortization and cost control in commercial, administrative and general expenses.

EBITDA and operating income: EBITDA (1) totaled 15,906 million pesos in the first quarter, 3.8% higher than the same period of 2004. The EBITDA margin was 53.1%; an increase of 2.6 percentage points compared with the previous year. Operating income totaled 10,991 million pesos; an increase of 8.7% compared with the previous year, and the operating margin was 36.7% in the quarter, an increase of 3.4 percentage points compared with the same period of the previous year.

Investments: In Mexico, 172 million dollars were invested, of which close to 30% were used for the development and expansion of new generation services platforms like broadband Internet access and services related to access the public data network and technological convergence. Additionally, 60% was invested in basic access and expansion of the telephone plant and 5.7% in social telephony projects in Mexico.

Debt: Debt rose to the equivalent of 8.073 billion dollars, of which 19% is short-term, 91.3% is in foreign currency (33.7% considering hedges), and 51.1% carries a fixed rate (64.7% considering interest rate swaps).

Net indebtedness (4) in Mexico increased 14.1% to 5.111 billion dollars, related to new debt of 1.750 billion dollars offset by the repurchase of 301 million dollars of Senior Notes due 2006.

The financial information presented here is calculated in the currency of the country in which each Latin America subsidiary operates, according to that country's generally accepted accounting principles, and is based on continuing operations.

[ millions of Mexican pesos as of March 2005 ]

(*) Percentage higher than 1,000%.

The results of the international operations were converted from their local currency to US dollars and for consolidation, to Mexican pesos. The exchange rate used from pesos to US dollars was 11.2942 Mexican pesos per dollar.

The first quarter 2005 analysis presented here includes the results of the subsidiaries in Latin America. Results for the first quarter of 2004 relate to operations in Mexico and, after March 1st, recognize the assets acquired from AT&T Latin America.

(6) Corresponds to subsidiaries in Latin America.

Accounting Separation

Based on Condition 7-5 of the Amendments of the Concession Title of Teléfonos de México, the commitment to present the accounting separation of the local and long distance services is presented below for the first quarter of 2005 and 2004.