* BASF says now sees full-year profit below 2007 level

* Says to cut production at about 100 plants

* Says could reduce working hours at its sites

* Shares drop 13.1 percent

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FRANKFURT (Reuters) - BASF (BASF.DE: Quote, Profile, Research) cut its 2008 profit outlook for the second time in two months and said it would cut back production, citing a "massive" decline in demand in key industries.

The world's largest chemicals maker by revenue said on Wednesday it no longer expected to reach the 2007 level of earnings before interest and taxes (EBIT) before special items.

It said it would temporarily shut down 80 plants worldwide and reduce production at about 100 plants.

"In particular, customers in the automotive industry have cancelled orders at short notice," Chief Executive Officer Juergen Hambrecht said. "How the coming year will develop is difficult to foresee. BASF is preparing for tough times."