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GMP Capital Inc. reported a net loss of $22.9 million for the first quarter of 2019 after recording a $28.5-million non-cash goodwill impairment charge in its capital market segment, the firm said in its earnings release Thursday.

In the first quarter of 2018, the firm reported net income of $5.4 million.

Adjusted net income for Q1 2019 was $6.8 million, down from $8.6 million a year ago.

Richardson GMP’s revenue decreased 10% to $68 million in the quarter, due to lower commission revenue and lower investment management fees resulting from lower assets under administration (AUA), the firm said. AUA was $28.7 billion on March 31.

Total expenses were down 12% year over year, though, owing to lower variable compensation expense and selling, the firm said.

GMP owns a 33% non-controlling interest of Richardson GMP.

GMP’s capital markets revenue of $34.1 million was down 21% from the same period last year after lower investment banking fees and lower commission revenue, the firm said.

“In wealth management, our partners at Richardson GMP reported another solid quarterly performance, increasing net income by 12% this quarter compared with the first quarter last year,” said Harris Fricker, GMP’s president and CEO, in a statement.

“We also remain encouraged that our efforts on the cost side of the business continue to benefit our bottom line. In particular, the ratio of employee compensation to revenue is at its lowest level in over a decade.”