Toronto-based GMP Capital Inc. (TSX:GMP) has announced decreased revenue of $53.3 million in its first-quarter 2015 earnings. This is down 17% from Q1 of 2014.

The firm also reported a net loss of $8.9 million and a diluted loss per share of $0.14 in Q1 2015 compared with net income of $2.7 million and diluted earnings per share (EPS) of $0.03 in the same period in 2014.

“Challenging market conditions persisted throughout first quarter 2015 as low commodity valuations produced subdued capital markets activity within our key mid-market sectors,” says Harris Fricker, CEO, GMP Capital.

In its capital markets business, the firm reported revenue of $52.7 million, which is down 11% from Q1 2014. The decrease is primarily the result of lower investment banking fees. Its expenses have increased, which is mainly attributed to costs related to GMP Capital’s expansion of its energy business into Houston, Texas. Expenses went up 8% to $55.7 million.

The firm has also reported that it led or co-led six underwriting transactions completed in Canada in the first quarter of 2015, which raised approximately $0.4 billion on behalf of clients.

GMP Capital’s wealth management business, which includes 30% of non-controlling interest in Toronto-based Richardson GMP Ltd., incurred a smaller loss before income taxes of $0.7 million in Q1 2015 compared to $1.6 million in Q1 2014. The first quarter of 2014 was negatively impacted by integration costs related to Richardson GMP’s acquisition of Macquarie Private Wealth Inc.

The firm also reported Richardson GMP’s revenue as $68.5 million, which is 14% lower than Q1 2014. This is attributed to lower commissions.

The firm’s asset management arm, Toronto-based CQI Capital Management L.P., ended the first quarter of 2015 with $49 million in assets under management, which is down 13% over the same period in 2014.