(Corrects increase in real-estate index in paragraph 9 to 14 percent from 20 percent)
VIENNA, Dec 17 (Reuters) - Russia-focused Austrian real estate company Immofinanz cast doubt over the payment of a dividend for its 2014/15 financial year, as it reported a second-quarter loss of 16.2 million euros ($20.1 million).
The company had previously flagged a dividend range of 0.15-0.20 euros a share, but said on Wednesday that payment of a cash dividend depended on its balance sheet and it could not provide firm guidance.
An increase in impairment losses in Russia in the coming quarters was likely, it added.
"The effects of the crisis in Ukraine on the commercial development of the Immofinanz target markets, above all Russia, cannot be estimated at the present time," Immofinanz said in a statement.
Immofinanz depends on its five shopping centres in Moscow and a logistics centre in St. Petersburg for more than a third of its rental income.
It is continuing to offer rent reductions to Russian clients struggling to pay their rents with falling customer demand and a slumping rouble. This might have a "stronger than expected" effect on operating results in the coming quarters, it said.
Rental income in the period was 117 million euros, slightly below the average estimate of 119 million in a Reuters poll of analysts.
Higher taxes on asset sales in Switzerland also weighed on second-quarter results. Immofinanz shares hit their lowest in more than two years this week after a profit warning.
Immofinanz shares have fallen around 22 percent this year to date, partly due to concerns about its Russian exposure, compared with a 14-percent increase in a European real-estate index.
Recurring free cash flow, or recurring funds from operations (FFO), totalled 16.7 million euros in the second quarter, it said.
$1 = 0.8050 euros Reporting by ShadiaNasralla; Editing by MarkPotter