Thanks to higher gold prices and cost cutting, HudBay Minerals Inc.'s net income soared to nearly Canadian $20 million ($18.8 million) in the third quarter from C$2.8 million in the same period last year despite a 21.3-percent decline in revenue to C$194.6 million ($183.1 million) from C$247.4 million.

The Toronto-based company cut its operating costs by...