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Conventional wisdom might tell you that Toyota should have lost loads of money last quarter in the wake of the company's largest-ever global recall and safety scandal. Perhaps it shouldn't surprise us too much to hear that conventional wisdom would be all wrong. In reality, Toyota reported a profit between January and March of this year of $1.2 billion.

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.