UPDATE 2-Migao cuts 2010 revenue view on lower prices

* Q2 EPS C$0.20 vs C$0.31 last year

* Sales fall 13 pct

* Sees FY 2010 rev of C$230-C$260 mln

* Shares up 1.5 pct (Recasts, adds analyst comments, conf call details) By Isheeta Sanghi

BANGALORE, Nov 12 (Reuters) - Specialty potash fertilizer producer Migao Corp (MGO.TO) posted a 26 percent drop in second-quarter profit and cut its fiscal 2010 revenue outlook as it sees lower prices continuing to weigh.

Fertilizer companies posted record results a year ago, but the credit crunch, coupled with a collapse in commodity prices and a slump in fertilizer demand, has led to a drastic change in conditions for the industry over the past year.

"(Potash prices) may continue to fall for a little bit, but at some point (prices) are going to bottom out and we're pretty close to that point," said an industry analyst, who declined to be identified.

Potash, nitrogen and phosphate are the three main macro nutrients used by farmers across the globe.

China-based Migao sees fiscal 2010 revenue between C$230 million and C$260 million, a company executive said on a conference call with analysts.