UPDATE 2-Carr's Milling sees lower full year profit

* Says year profit down

* Shares fall more than 12 pct

* Pre-tax profit for 26 weeks to Feb. 28 up 2 pct

* Maintains dividend at 6 pence (Adds analyst's comment, share price)

By Phakamisa Ndzamela

LONDON, April 6 (Reuters) - Carr's Milling Industries (CARS.L), a British agriculture, food and engineering group, warned on Monday its full year pre-tax profit would be lower than last year, sending its shares down more than 12 percent.

The company said it expected weaker full-year results due to a reduction in fertiliser sales.

"Last year farmers bought fertiliser early as prices were rising but this year they have postponed purchases in the belief prices might fall," Nicola Mallard, an analyst at Investec Securities, Carr's house broker, wrote in a note to clients.

Mallard, who has a "buy" recommendation on the shares, said Carr's was no longer expecting to make a profit in fertiliser in the second half and expected to reduce her 2009 profit forecast for the company's agricultural division by 2.6 million pounds ($3.88 million) to 5.9 million pounds.

Shares in the group were down 12.2 percent at 395 pence at 0903 GMT.

Andy Blain, an analyst at Shore Capital, said he was reviewing his "buy" recommendation on the agricultural group's shares.

For the 26 weeks to February, 28 2009 Carr's said its pre-tax profit was up 2 percent at 5.3 million pounds and maintained its interim dividend per share at 6 pence.

Chairman Richard Inglewood said the half-year results reflected strong underlying trading in all major areas with the exception of fertilisers and more than offset a 0.4 million pound increase in the pension charge.

Last year the company posted a 133 percent rise in full-year pretax profits to 12.9 million pounds, broadly in line with the expectations of house broker Investec. ($1=.6702 pounds) (Editing by Greg Mahlich)