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Japan-Update

Japan's Sojitz seen on track to beat net profit target

Higher-than-expected coal prices, strong automotive sales buoy trader's earnings

TOKYO -- Japanese trading house Sojitz is likely to beat its net profit target this fiscal year, thanks to coal prices hovering at a high and strong car sales expected in the Philippines and Russia.

The Tokyo-based company initially forecast net profit to grow 23% to 50 billion yen ($463 million) in the year ending next March. But there is apparently a high probability it will beat that target by 3 billion to 5 billion yen.

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