Metro, which is published by Daily Mail & General Trust (DMGT), has an audited circulation of 1.38 million and is distributed across 50 cities.
The group, which also publishes the Daily Mail, does not break out specific profit and revenue figures, but sources have placed last year's performance well ahead of most other national newspapers, and in the same ballpark as the Daily Express profits of £8.9m.
It follows the free newspaper's achievement of a classified revenue increase of 11% between November 2009 and November 2010.
Steve Auckland, the paper's managing director, said: "It has been our best year yet. Digital will be a key area for us in the next 12 months."
The Metro has previously claimed it has made an operating profit for seven successive years, including 2009, during the worst of the recession.
However, following at last week's Oxford Media Convention, Auckland ruled out the city-centric brand being involved in such a move, claiming: "I can't see a commercial proposition".
Hunt is hoping major newspaper groups will be at the front of the queue to take up the opportunity to bid for the local TV contracts. .
A key area of growth for Metro will be enhancing its gaming sites, which already includes bingo and fantasy football.
Further extensions include launching a motor show in September, and a likely modest redesign of the paper, which will include more entertainment coverage.
The Metro increased its distribution by 50,000 copies in November last year and began distributing its London edition to Southampton and Ipswich.
It has not ruled out further distribution increases. John Leitch, director of distribution at Metro, said it would "only go into areas where it would make a profit".
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