Toyota lifts outlook, first-quarter profit falls less than market expected

TOKYO (Reuters) - Toyota Motor Corp raised its full-year outlook on Friday after posting a lower than expected fall in quarterly operating profit thanks to favourable exchange rates.

Operating profit at the world's No. 2 automaker came in at 574.29 billion yen ($5.22 billion) for the April-June period, down 11 percent from 642.23 billion yen a year ago. Analysts on average expected 538.3 billion yen, according to Thomson Reuters I/B/E/S.

Toyota said it now expects full-year operating profit of 1.85 trillion yen, up from a previous forecast of 1.6 trillion yen.

($1 = 110.0600 yen)

(Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)