Canaccord Financial has incurred a net loss of $20.6m for the first quarter of 2013 against a net income of $13.2m during the same period earlier year.

For the first quarter of the company ended on 30 June 2012, its revenues were $162.5m, with a marginal increase of 2% from $159.8m during the corresponding period earlier year.

For the current quarter period, its expenses were $187m, up by 30% from $144m during the same period a year ago.

Excluding significant items, the company reported a net loss of $16.3m compared to net income of $14.1m during the first three month of 2012.

For the first quarter of 2013, its diluted loss per common share was $0.24 compared to diluted EPS of $0.16 during the comparable period earlier year.

Canaccord Financial president and CEO Paul Reynolds said the company is doing everything in capturing the cost synergies and it believes that this is quite possible through the acquisition of Collins Stewart Hawkpoint.

"We are confident our business is well positioned to gain market share in many of our core markets, even while adverse market conditions continue to challenge some of our revenue streams."