In the midst of an economic crisis, Mattel, the world's biggest toymaker, on Friday posted an 82 percent jump in second-quarter profits, beating Wall Street expectations.

Cost cutting and stronger U.S. dollar assisted toymaker Mattel in recording better-than-expected sales, in spite of a 19 percent fall in sales to $898.2 million.

The maker of Barbie and Hot Wheels recorded net profit of $21.5 million, up from $11.8 million last year.

Sales of Barbie dolls dropped 15 percent, while Hot Wheels, company’s another popular toys recorded a fall of 10 percent.

When contacted, Gerrick Johnson, BMO Capital Markets analyst said, "The girls (fashion doll) business is starved for something new, interesting and compelling."  

Under the cost cutting measures, Mattel trimmed down 1,000 jobs apart from slashing traveling and advertising expenses.

In the recent trading, Mattel shares jumped to $17.02, up 83 cents on the NYSE.