Today, Tecmo Koei not only announced its earnings report for the six-month period ended September 30 2010, but it also announced a change at the executive level.
Yoichi Erikawa will be taking over as President and CEO of Tecmo Koei Holdings, effective immediately. Erikawa was the co-founder of Koei and is responsible for many of the classic historical simulation games that put the company on the map. Outgoing CEO Kenji Matsubara has resigned, citing personal reasons. He will remain a director at the company until November 30.
This change is joined by a dismal financials, as reported by Andriasang. For the six-month period ended September 30, the company reported sales of ¥11.07 billion ($136.2 million). This marks a 27.4% drop from the same period last year. Operating losses more than doubled from ¥349 million ($4.3 million) to ¥1.09 billion ($13.5 million).
Even more damning is the ¥1.6 billion ($19.9 million) loss in the video game division alone. Profits in other company divisions, including amusement facilities and other media, were eaten whole by the game division’s losses. Tecmo Koei blames the losses on the delay of Trinity: Zill O'll Zero and investments in titles expected to be released in the future.
