(Adds details of results CFO comment)
SAO PAULO, Aug 11 (Reuters) - BM&FBovespa SA, Latin America's largest financial exchange operator, posted a net loss of 114 million reais ($36.2 million) in the second quarter after losses caused by currency fluctuations during the sale of its stake in CME Group, the company said in a statement on Thursday.
Excluding the non-recurring item, the exchange posted net income of 497 million reais in the period, compared with an average consensus estimate of 397.82 million reais and net income of 318 million reais in the second quarter of 2015.
BM&FBovespa announced in September that it was going to sell its 5 percent stake in CME Group. But at the time of the announcement, the company sold only 1 percent, Chief Financial Officer Daniel Sonder told Reuters on Thursday.
The remaining 4 percent was sold in April. The deal's accounting adjustment, considering the currency and CME shares fluctuations from September to April, was negative in 572.8 million reais.
"Most of that amount has no cash effect," Sonder said.
Management plans to discuss results at an event on Friday.
The Brazilian exchange posted a 33 percent increase on operational expenses in the second quarter when compared to a year-earlier period to 268 million reais.
Sonder said the increase in part reflects the costs associated with the proposal to merge BM&FBovespa operations with Cetip SA Mercados Organizados, a deal that was approved by the boards of both companies in May.
$1 = 3.142 Brazilian reais Reporting by Marcelo Teixeira and Aluisio Alves; Editing by Diane Craft and Grant McCool