Source: http://andriasang.com/con0ww/tecmo_koei_earnings/

Sales and earnings were up for the year at Tecmo Koei. The company's fiscal 2012 earnings statement, released today, reveals a 10.7% increase in sales from the previous fiscal year to 35,525 million yen. Operating earnings rose 56.1% to 7,472 million yen. Net earnings increased 69.3% to 4,640 million yen.

As reason for the performance gains, the company cited strong sales of games like Ninja Gaiden 3, Musou Orochi 2, Sengoku Musou 3 Empires and Winning Post 7 2012. Ninja Gaiden 3 shipped 630,000 units throughout the world.

Other revenue sources included repeat orders for previously released titles, including Gundam Musou 3 and Champion Jockey, and royalties as a development party on games like One Piece Pirate Musou (released by Namco Bandai) and Pokemon + Nobunaga's Ambition (released by Pokemon).

For the current fiscal year, the company expects a 9.8% increase in sales to 39,000 million yen and a 7.7% increase in net earnings to 5,000 million yen. Plans include releasing product at new hardware launches (the earnings statement did not specify which hardware) and actively pursuing new collaborations.

The earnings statement also made mention of Gust, which Tecmo Koei made into a wholly owned subsidiary in December. Through Gust, Tecmo Koei hopes to expand its opportunities for developing its business in a variety of directions, including online and mobile business and media rights business.

View Tecmo Koei's earning statement here (Japanese, PDF).

A bad Ninja Gaiden is better than no Ninja Gaiden I guess. I doubt we'll see NG4 any time soon though.

This game was so fucked up :/
I played the demo on PS3 and the Quicktime events against every opponent sucked big times.

Yeah if you don't have many games, every single ones help. But even if they sold all 600k units at full price, I doubt NG3 is profitable.

Is this not more of a case of royalties from One Piece and Pokemon?

Right, Ng3 bombed hard. It didn´t even sell more than Dmc collection in Japan.