Convenience Retail Asia, which operates the Circle K retail chain, has reported a 6% increase in net profit to HK$52.54m (US$6.7m) for the first three quarters of the year, ending 30 September.

Turnover also increased 6% to $1.03bn over the nine-month period. The company said the increase stemmed from sales at 16 new stores.

CRA, a fully-owned subsidiary of Li&Fung, operates 157 Circle K retail outlets in Hong Kong, but plans to expand across the country with the opening of 350 new outlets planned for the next five years, reported the Standard.