News: BGA UPDATE 1-Australia's infant formula makers curdle on China import changes

(Recasts to take in the whole sector, adds revenue guidance)

SYDNEY, Dec 2 (Reuters) - Shares of Australian infant formula makers fell sharply on Friday after the country's top maker of organic formula warned that new import regulations in China would cut its revenues in the current financial year.

Bellamy's Australia Ltd (BAL) slumped as much as 44 percent after it said a requirement by China's Food and Drug Administration for importers to seek registration before December 2017 would lead to a temporary hit on sales volumes.

"Brands that are unlikely to gain registration are liquidating inventory at discounted prices, which impacts both imported brands such as Bellamy's and the market overall," it said in a statement to the Australian Securities Exchange.

Bellamy's said it expects revenue of A$240 million ($178 million) in the 2017 financial year, down slightly from A$245 million in the year to June 30, 2016. It did not give any profit guidance.

Shares of Australian and New Zealand infant formulas have been trading at high price-earnings ratios due to expectations that massive demand in China would spur rapid sales growth.

Bellamy's was trading at 30 times earnings on Friday, even after the sell-off, compared with about 17.5 for the benchmark S&P/ASX 200 index (xjo).

Shares in other Australasian infant formula exporters targeting China also fell, with a2 Milk Company Ltd down 9 percent, Bega Cheese Ltd (BGA) down 3 percent and Blackmores Ltd (BKL) down 4 percent. The overall market was down 0.3 percent.

($1 = 1.3477 Australian dollars)