TOKYO (Reuters) - Toyota Motor ( TM ) said on Thursday it posted a 17% rise in first-quarter operating profit, as the Japanese automaker got a boost from cost reduction efforts and the weak yen that helped offset lower sales and production volume in Japan.

The world's top-selling automaker said operating profit for the three months through June totalled 1.3 trillion yen ($8.70 billion).

The result compared to 1.1 trillion yen in the same period last year, and the 1.3 trillion yen average of six analyst estimates compiled by LSEG.

Toyota ( TM ) maintained its forecast for a 4.3 trillion yen profit for the current year, versus a 5.3 trillion yen average of 18 analyst estimates.

Toyota ( TM ) shares, which were down 5.5% just before the earnings release, extended their losses immediately afterwards and were down 7.6% at 2,725 yen by 0434 GMT.

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