Guam - The Office of Public Accountability has released the Guam Housing Corporation's financial statements for Fiscal Year 2011 showing a nominal decrease in net assets of $206 - mainly attributed to the settlement with the Lada Estates project, which sat idle for more than two decades and in legal limbo for almost 10 years.

Although the Superior Court approved the settlement earlier last month, GHC had previously incurred an impairment loss of $5.2 million in 2010 as a prior year adjustment and an additional impairment loss of nearly $400,000 was recorded in 2011.

GHC president Martin Benavente meanwhile is happy the project is moving forward and hopes to use the report as a tool to perform better operations, saying, "Of course everything from the Maeda process to our daily loan operations here, everything that they looked at was good, our rental operations was good. We're not perfect, but we're close to it and we're working on that."

Several details of the report include its revenues nominally increasing by $174,000, its total operating expenses increase by $590,000 and loan portfolio decreasing by nearly $700,000. To read more on ghc's financial statements log on to www.guamopa.org.