Jovian Capital Corp. today reported weaker earning for the first quarter ended June 30.

Net earnings were $0.1 million, compared to the pro-forma earnings of $0.4 million for the fourth quarter ended March 31.

Revenues for the quarter were $14.7 million compared with $15.2 million in the fourth quarter.

The reduction in revenue was a result of weaker than expected transaction revenue in the firm’s retail investment dealer unit, influenced by continuing uncertainty in equity markets. However, Jovian said strong performance Rice Financial Group Inc. and T.E. Financial Consultants Ltd. offset the decrease. Rice showed strong results in the sale of fixed income and insurance products, while T.E. Financial’s fee-based advisory, tax and consulting revenues were consistent with the prior quarter.

Total expenses for the first quarter were $14.6 million, compared with $14.8 million for the prior quarter. Compensation expense constitutes 66% of total expenses for the current quarter, versus 68% in the previous quarter.

After a very busy year, acquiring a number of key companies, management is focusing on making sure our portfolio of companies is well positioned to grow in a very unpredictable environment,” said Philip Armstrong, Jovian president and CEO, in a news release.

Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth and asset management.