Revenue also fell 13% to RMB51.1bn from RMB58.7bn, dragged down by weak markets in the container business and offshore engineering business respectively, the company said in a stock market announcement.
Other businesses such as the energy, chemical and liquid food equipment business remained stable, but was hit by impairments for the termination of the acquisition of Sinopacific Offshore & Engineering (SOE).
The key container business was also hard hit. CIMC recorded a sharp decline in orders in a weak market and revenue and net profit substantially decreased.
Total sales of ordinary dry containers fell 48% to 587,300 teu from 1.12m teu in 2015 while reefer container sales fell 56% to 79,700 from 181,400 teu previously.
This resulted in the container business revenue falling 48% to RMB11.07bn from RMB21.07bn previously and net profit sliding 64% to RMB363m from RMB996m in 2015.
CIMC however noted that "the container business develops its own demands and cyclical effect".
The group pointed out that after prolonged flat demand and tightened container liquidity resulting from the Hanjin bust in Q3, container demand saw greater improvement from the fourth quarter of the year.
Amid tough conditions in the global offshore engineering industry, offshore unit CIMC Raffles saw its revenue drop sharply to RMB4.31bn from RMB7.96bn previously and operating losses widen to RMB213m from RMB12min 2015.
Looking ahead in the container market, CIMC said "globalisation may encounter ups and downs but the trend will remain unchanged... it is predicted that the demand of containers in 2017 will improve as compared with that of 2016".
Meanwhile for the offshore market, the group was less sanguine. "It is expected that the international oil prices (will) still linger at the low level and global investment in offshore oil and gas exploration and market demand for offshore engineering equipment is unable to pick up for the time being," CIMC said.
However pointing to the substantial rebound in global oil prices it suggested that the offshore industry has seen the end of the worst times.
Meanwhile, demand from the offshore wind power sector and for offshore construction vessels for offshore engineering and platform dismantling is expected to pick up, which should become a bright spot in the industry.
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