The last year has more than likely been the worst in Toyota's illustrious history, but a report in Automotive News suggests that the fiscal year ending March 31 wasn't that bad after all for the Japanese automaker. That's because AN cites a report the Nikkei that claims Toyota will announce a profit of up to $532 million for the year in spite of the weakness of the U.S. auto industry and sagging sales resulting from the company's recall woes.

Toyota had forecast a loss of 20 billion yen ($213 million in U.S. funds) for the year, but the Japanese business daily claims cost cutting measures and a weak Yen will help the company easily beat its earlier estimates. The Nikkei further forecasts that global sales of Toyota cars and trucks were down five percent to 7.2 million vehicles. AN reports that Thompson Reuters forecasts a Toyota profit of 42.3 billion yen ($457 million U.S.). Toyota is scheduled to reports its official earnings May 11.

[Source: Automotive News – sub. req. | Image: Ronaldo Schemidt/AFP/Getty]