DHAKA: Struggling airline Qantas has announced plans to cut 5,000 jobs, after reporting a heavy financial loss.

It is part of the Australian carrier`s plans to cut costs by A$2bn ($1.79bn: £1.80bn) over the next three years, reports BBC.

The cuts were announced alongside an underlying pre-tax loss of A$252m for the six months to the end of December.

The airline, which also plans to cut its fleet by more than 50 aircraft, said it faced tough competition in both international and domestic operations.

In a statement, Qantas chief executive Alan Joyce said the airline was facing "some of the toughest conditions...it has ever seen" and that it needed to take actions "unprecedented in scope and depth" to cope with changes in the Australian aviation industry.

BDST: 0905 HRS, FEB 27, 2014