SINGAPORE, May 15 — Malaysian Airline System Bhd is undertaking a “thorough review” of its business plan to ensure sustainability as the disappearance of Flight 370 two months ago makes the outlook for the unprofitable company more challenging.

All avenues are being explored, the government-controlled airline said in an e-mailed statement yesterday. It said it will share the plan with relevant stakeholders at an appropriate time when necessary approval and endorsement have been obtained.

“Winning back customers and a relentless cost focus will be part of the airline’s recovery plan, and these two exercises are critical enablers to energize its recovery,” the company said.

Malaysian Airlines had been struggling with increased competition and higher costs even before the disappearance of MH370 as rivals such as AirAsia Bhd flooded the region with planes and drove down fares. The company missed its target to be profitable last year as rising prices for items including fuel, maintenance and financing wiped out revenue gains.

Malaysian Airlines is due to report first-quarter results today.

The carrier’s shares have dropped 43 per cent over the last year, compared with the 5.1 per cent increase in the FTSE Bursa Malaysia KLCI Index in the same period.

The jet with 239 passengers and crew vanished from civilian radars on March 8 while headed north over the Gulf of Thailand. It then doubled back over

Peninsular Malaysia and flew south into some of the world’s most remote waters. No physical trace of the aircraft has been found.

The incident has put the carrier under global scrutiny, jeopardizing its reputation and prompting boycotts by travel agents in China.

Civil aviation regulators need to improve airliners’ tracking and communications systems, and upgrade the capabilities of black boxes after the disappearance of Flight 370, Malaysian Prime Minister Najib Razak wrote in an opinion article published in The Wall Street Journal yesterday. ― Bloomberg