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The largest airline in Latin America, Latam Airlines, ended the second quarter with a net loss of 329.8 million dollars, hit by the real devaluation and higher costs, the company said late on Tuesday.

The loss was greater than the loss of 276 million expected by analysts, on average, according to a Reuters poll.

The company, formed in June 2012 when the Chilean LAN took control of TAM, had recorded a loss of 448.8 million dollars a year earlier, according to comparative data reported by the company.

“The results were affected by a loss of 348.19 million dollars related to currency fluctuations generated by the real devaluation since December 2012,” informed Latam.

In the first quarter of this year, the company had earned profit of 42.7 million dollars.