PIA is the 31st largest airline in Asia, operating scheduled services to 23 domestic destinations and 36 international destinations in 25 countries across Asia, Europe and North America. Its main bases are Karachi, Lahore and Islamabad/Rawalpindi.

The airline is owned by the Government of Pakistan (90.2%) and other shareholders (9.8%). It employed 18,043 people (May 2008).
 

PIA can trace its beginnings to the days when Pakistan was not an independent state. In 1946 QuaideAzam Muhammad Ali Jinnah realised the need for an airline network for the forming country and called upon the help of an industrialist Mirza Ahmad Ispahani to develop a flag carrier for the nation. Meanwhile, an airline called “Orient Airways”', registered in Calcutta, was formed on 23 October 1946. In May 1947 the airline was granted a license to fly. This was the first post-war airline flight by a South Asian registered airline company. Two months after this service began, Pakistan was formed. Orient Airways began relief flights to the new nation and, soon after, it moved its operations to Karachi, where it began flights to Dhaka on June 7, 1954.

On 11 March 1955, Orient Airways merged with the government's proposed airline, becoming 'Pakistan International Airlines Corporation'. During the same year the airline opened its first international service, from Karachi.

Pakistan International Airlines Corporation (PIAC) is majority owned by the Government of Pakistan (90.2%) while the remainder (9.8%) by other shareholders. The airline falls under the direction of the Ministry of Defense chaired by its current chairman, Ch. Ahmed Mukhtar. The airline is managed by MD, Captain M. Aijaz Haroon as well as the Board of Directors. The Board consists of nine independent non-executive members and has four sub-committees, being an Audit Committee, Brand and Advertising Committee, Finance Committee and Human Resource Committee each with its own charter and chairman. The MD leads the executive management of staff who in turn control the extensive running of the airline.

In the late 1990s, the Government of Pakistan considered selling the airline to the private sector due to the persistent losses suffered by the airline.

Several steps towards outsourcing of non-core business were initiated. Catering units (starting with Karachi Flight Kitchen, PIA Advertising (privatized by PC), Duty Free Shops (privatized by PC) etc.), ground handling (starting with ramp services) and engineering, were to be gradually carved out of the airline and operated as independent companies. During 1997, Pakistan called in a team from International Finance Corporation (IFC), the consulting arm of the World Bank, to advice on restructuring and privatisation of Pakistan International Airlines (PIA) however no agreement was reached. The government has many times planned the privatization of the State owned entity.

In 2004 CCOP approved divestment of 10% GOP owned shares and its sale to the general public through the domestic stock exchanges.  Sale price was fixed at Rs. 22.00/share.  Total number of shares fully subscribed 115,073,000.

The profitability of PIA as published in the 2008 annual report by Pakistan International Airlines Corporation with figures in millions of Pakistani Rupees. The following table suggests the key financial results for the end of year period of the financial year. PIA explains that the loss was caused by two key exogenous factors that caused the continued loss in PIA's profitability: the weakening of the Pakistani rupee and the rise in crude oil prices during 2008.

The company has a negative net worth (after revaluation of assets of Rs. 32.5 Billion) and accumulated losses of over Rs. 68 Billion.
 

(line graph above represents the financial trends for the airline from 2003-2008)

Pakistan International Airlines fleet includes the following aircraft (as of November 2009)

In May 2009, PIA tendered for short term, wet lease, of three Boeing 737-300 aircraft, to be added to the fleet from July. During June 2009, PIA entered discussions with Airbus and Boeing for a new order of 27 narrow body A320 or 737 family aircraft, for the airline.

1, PIA Investment Limited
2. Sky Rooms (Private) Limited
3. Midway House (private) Limited (under winding up)
 

PIAIL was incorporated on 10 September 1977 in Sharjah, UAE, as a limited company under a decree issued by HRH Prince Faisal Bin Khalid Bin Abdul Aziz and is currently registered in British Virgin Islands. The Holding Company (PIAC) interest in PIAIL is 99%. Following are the details of PIAIL’s subsidiaries;

1. Roosevelt Hotel Corporation N.V PIAIL Holding 100%
2. Minhal France (Curacao) N.V. PIAIL Holding 100%
3. Minhal France B.V. PIAIL Holding 100%
4. Minhal France S.A. PIAIL Holding 90%

a) The Building: Constructed in 1924, the Roosevelt Hotel, is an historic, classically styled New York City Hotel, with 1,033 rooms, 27,700 sq. ft. of meeting and banquet space, a restaurant, two lounges and approx. 40,000 sq. ft. of retail, office and restaurant space. The 22 story property contains approx. 670,000 sq. ft. of gross building area.

b) Ownership: In February 1979, the Roosevelt Hotel, New York, was leased by Letoh Associates (Letoh) to Roosevelt Hotel Corporation N. V. (RHC), a 100% subsidiary of PIAIL, for an initial period of 30 years.

c) Acquisition of Roosevelt Hotel / Transfer of title to Roosevelt Hotel Corporation, N.V.: The Roosevelt Lease (Lease) gave RHC an option to purchase the freehold in 1999 and for a period of four (4) years thereafter for a sum of US$ 36.5 million escalating at around 2% per annum up to US$ 39.6 million in the year 2003. RHC successfully exercised its right to purchase the freehold and on April 08, 1999, the title of Roosevelt Hotel was transferred by Letoh Associates in the name of Roosevelt Hotel Corporation N.V.