SANTIAGO: LATAM Airlines posted a net loss of $46.1 million for the fourth quarter due to a drop in revenue and a foreign exchange loss stemming from the Brazilian real's depreciation, the company said on Monday.

The loss was well short of forecasts for a $2.4 million profit in a Reuters poll.

The company, formed in mid-2012 when Chile's flagship LAN took over Brazil's TAM, posted a net loss of $69.8 million in the fourth quarter of 2012.