UPDATE 1-Chainmaker Renold cautious, orders continue falling

* Year profit plummets 69 percent

* Suspends dividend

* Cautious for new financial year (Writes through, adds closing shares)

LONDON, July 14 (Reuters) - British industrial chainmaker Renold (RNO.L) said the fall in orders seen since the third quarter of its financial year had continued, as it reported a 69 percent fall in pretax profit. The company, whose products are used in the transportation, steel and mining industries, said sales were down 25 percent in the first quarter to end-June and added it had decided to suspend dividend payments.

"We have entered our next financial year with caution regarding the outlook for the global economy," said Chairman Matthew Peacock in a statement.

It posted pretax profit of 2.9 million pounds ($4.7 million) for the year to March 31, down from 9.3 million the previous year.

Shares in Renold, which gained on Monday after positive comment in the Financial Times, closed at 24.25 pence. (Reporting by Victoria Bryan; Editing by Paul Sandle) ($1=.6211 Pound)