May 14, 2018 / 11:36 PM / 10 months ago

Australia's Blue Sky expects FY profit fall after asset review

May 15 (Reuters) - Blue Sky Alternative Investments on Tuesday said it expected its full-year net profit after tax to fall by about A$7 million ($5.3 million), following a review of its asset valuations in the wake of damaging allegations by a shortseller.

Blue Sky completed the first phase of an independent review of its asset valuations it announced last week, resulting in certain assets reducing in value, it said in a statement.

This comes after the asset manager pulled its guidance last week as it looks to regain shareholders’ trust following the allegations.

Blue Sky has seen over A$600 million knocked off its market capitalisation since U.S.-based Glaucus Research Group alleged in March it had overstated its size, exaggerated its performance and over-valued assets. ($1 = 1.3289 Australian dollars) (Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates)

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