Emirates, the Dubai-owned carrier, bucked the downward trend in global aviation earnings on Thursday, posting a 165-percent rise in first half profits, driven by lower costs.

"The months since the global meltdown have really tested our mettle," Emirates chairman Sheikh Ahmed bin Saeed Al-Maktoum said in a statement, warning air traffic demand was unlikely to pick-up in the immediate future.

"While some say the green shoots of economy recovery are sprouting, we expect it will take at least another year or two, before demand for air transport and travel services starts picking up again."    

Emirates said in a statement net profit in the first half of its financial year which ends September 30 was 752 million dirhams ($204.7 million). It did not give a breakdown of its results.

The carrier said total expenditures were 15.8 percent lower than the same period last year, helped by lower fuel costs and cost containment.

"Emirates posted strong business growth, both in terms of capacity on offer and traffic carried compared to the corresponding period in 2008, performance that has been in stark contrast to the current trend seen across the aviation industry," it said.

The airline, which was last year transferred to the emirate's sovereign wealth fund, Investment Corporation of Dubai, said capacity measured in available seats per kilometre, grew 22 percent, whilst passenger traffic measured in revenue passenger per kilometres was up 21 percent.     

The volume of cargo uplifted was "in line" with the same period in 2008, it said without giving figures.

Emirates, which has a $55 billion order book for planes from Boeing and Airbus, expects to receive about 10 planes a year.

Airlines around the world have been crippled by reduced spending on travel, a drop in global trade and rising oil prices. To cut their bloated cost bases, many have grounded planes and cancelled or deferred plane orders.

Industry body Iata has said it sees the world's airlines losing $11 billion this year as consumers tightened their purse strings and companies cut travel budgets. - Reuters