SANTIAGO, May 13 (Reuters) - Latin America's biggest airline LATAM Airlines posted a loss in the first quarter as improved operating results were offset by fleet restructuring costs, a weak Brazilian real and poor performance in its cargo business.
The company, formed by the tie-up in 2012 of Chile's LAN and Brazil's TAM, reported a net loss for the first quarter of $41 million on Tuesday. Excluding the one-off costs of the fleet restructure, it made a net profit of $81 million.
That compared to market estimates for a net profit of around $65 million, according to a Reuters poll.
Reporting by Rosalba O'Brien; Editing by Lisa Shumaker