SAO PAULO, May 10 (Reuters) - Cyrela Brazil Realty SA , one of Latin America's largest homebuilders, on Thursday posted a deeper loss than expected in the first quarter, despite a fall in costs.

In a securities filing, the company said its net loss in the quarter totaled 51 million reais ($14.36 million), below a 4 million real profit reached in the same period last year, and a Reuters consensus estimate of a 20 million real loss.

Revenue for the company totaled 451 million reais in the January to March period, 29.4 percent below the figure a year ago, even as total costs fell 26 percent to 326 million reais. ($1 = 3.5506 reais) (Reporting by Flavia Bohone and Gram Slattery; Editing by Sandra Maler)