Tecmo Koei, a company only recently formed after the two publishers decided to collaborate in 2009, has announced that it has lost about 1.84 billion Yen, which is the equivalent of about 20 million dollars, during the third quarter of 2009, mainly because of the fall of the Nintendo Wii videogame market, weak sales outside of Japan and the delay of big releases.

Initially, rumors pointed to Tecmo being taken over by Japanese powerhouse publisher Square Enix but the company was not interested and chose to combine its assets with those of Koei. Analysts are predicting that the problems of the new entity will likely get worse before they get better, mainly because of issues linked to the merger itself.

Tecmo Koei also announced that Quantum Theory, a cover-based shooter inspired by Gears of War 2 and worked on by Team Tachyon, has been delayed with no new release date confirmed. A statement issued by Tecmo Koei to Eurogamer reads, “We can confirm that Quantum Theory has been moved to later in 2010. We feel the game deserves optimum development time, and we aim to deliver the very best title we can. We are still thoroughly committed to Quantum Theory and this short delay can only make for a stronger, more entertaining game.”

Another Tecmo Koei owned developer, Team Ninja, is now working on a new title in the Dead or Alive franchise, called Paradise, which is set to arrive on the PlayStation Portable form Sony. The game should be outed in March unless the company announces a delay.

With Ninja Gaiden Sigma 2 just released on the PlayStation 3, Tecmo Koei also has some time to go before it can launch another game in the biggest franchise it owns, which might contribute to a further slump in sales in the coming year.