Fauo'o, who is running for parliament next year, told the Samoa Observer newspaper that according to the company's annual report 2018-19 it accumulated losses of $US25 million.
The report precedes the challenges created by the Covid-19 pandemic.
The company's CEO Seiuli Alvin Tuala is quoted in the report as having an optimistic outlook about the company's future.
It said the wet lease of its Boeing jet was terminated in March when borders closed.
The airline said it was expecting to take delivery of a similar plane under a new lease agreement with a company based in The Netherlands.