UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q


[X]     QUARTERLY  REPORT  PURSUANT  TO  SECTION  13  OR 15(D)
             OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

[ ]     TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

              FOR THE TRANSITION PERIOD FROM        TO
                                              ----     ----
                        COMMISSION FILE NUMBER: 000-26354

                            TRIMAINE HOLDINGS, INC.
             (Exact name of Registrant as specified in its charter)


                   WASHINGTON                          91-1636980
        (State or other jurisdiction of             (I.R.S. Employer
        incorporation  or organization)            Identification No.)

         FLOOR 21, MILLENNIUM TOWER, HANDELSKAI 94-96, A-1200, VIENNA, AUSTRIA
                    (Address of principal executive offices)

                                (431) 240-25300
              (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or  for such shorter period that the Registrant was
required  to  file  such  reports),  and  (2)  has  been  subject to such filing
requirements  for  the  past  90  days.       Yes    X     No
                                                   -----

Indicate the number of shares outstanding of each of the Registrant's classes of
common  stock,  as  of  the  latest  practicable  date:

                Class              Outstanding  at  May  14,  2002
                -----              -------------------------------

           Common Stock, $0.01               15,322,697
                par value


<PAGE>


FORWARD-LOOKING  STATEMENTS

Statements  in  this report, to the extent that they are not based on historical
events,  constitute  forward-looking  statements.  Forward-looking  statements
include,  without  limitation,  statements  regarding  the  outlook  for  future
operations, forecasts of future costs and expenditures, the evaluation of market
conditions, the outcome of legal proceedings, the adequacy of reserves, or other
business  plans.  Investors  are  cautioned  that forward-looking statements are
subject  to  an inherent risk that actual results may vary materially from those
described  herein.  Factors  that  may  result  in such variance, in addition to
those  accompanying  the forward-looking statements, include changes in interest
rates,  prices  and  other  economic conditions; actions by competitors; natural
phenomena;  actions  by  government  and  regulatory  authorities; uncertainties
associated  with  legal proceedings; technological development; future decisions
by management in response to changing conditions; and misjudgments in the course
of  preparing  forward-looking  statements.


                          PART I. FINANCIAL INFORMATION
                                  ---------------------

ITEM  1.  FINANCIAL  STATEMENTS


                            TRIMAINE HOLDINGS, INC.

                        CONSOLIDATED FINANCIAL STATEMENTS

                    FOR THE THREE MONTHS ENDED MARCH 31, 2002

                                  (UNAUDITED)


<PAGE>


                             TRIMAINE HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>


                                              MARCH 31, 2002    DECEMBER 31, 2001
                                             ---------------   ------------------
<S>                                          <C>               <C>
ASSETS
Current Assets
  Cash and cash equivalents                  $         5,416   $            5,919
  Real estate held for development and sale            1,215                1,149
  Other                                                  405                  163
                                             ---------------   ------------------
      Total current assets                             7,036                7,231
                                             ---------------   ------------------

Securities                                            19,366               21,516
                                             ---------------   ------------------
                                             $        26,402   $           28,747
                                             ===============   ==================


LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
  Accounts payable                           $           115   $              173
  Accrued liabilities                                    152                  166
  Advance from affiliates                              1,585                1,591
                                             ---------------   ------------------
      Total current liabilities                        1,852                1,930
                                             ---------------   ------------------

  Deferred income tax liability                        2,916                3,551
                                             ----------------  ------------------
                                                       4,768                5,481
                                             ----------------  ------------------

Shareholders' Equity
  Preferred stock                                          1                    1
  Common stock                                           153                  153
  Additional paid-in capital                          16,355               16,358
  Deficit                                               (893)                (683)
  Accumulated other comprehensive income               6,018                7,437
                                             ---------------   ------------------
      Total equity                                    21,634               23,266
                                             ---------------   ------------------
                                             $        26,402   $           28,747
                                             ===============   ==================


</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>


                                   TRIMAINE HOLDINGS, INC.
           CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
                                  (UNAUDITED)
                (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


<TABLE>
<CAPTION>


                                              FOR THE THREE     FOR THE THREE
                                              MONTHS ENDED      MONTHS ENDED
                                              MARCH 31, 2002    MARCH 31, 2001
                                              --------------    --------------
<S>                                           <C>               <C>
Dividend and other revenues                   $           251   $           304
                                              ---------------   ---------------
                                                          251               304
                                              ---------------   ---------------

Costs and expenses
  General and administrative expenses                      61               117
  Interest                                                  3                 5
                                              ---------------   ---------------
                                                           64               122
                                              ---------------   ---------------

  Income before income tax                                187               182

  Income tax expenses                                      97                62
                                              ---------------   ---------------

Net income                                                 90               120

Retained earnings (deficit), beginning
   of period                                             (683)              734
Dividends paid on preferred shares                       (300)             (300)
                                              ---------------   ---------------
Retained earnings (deficit), end of period    $          (893)  $           554
                                              ===============   ===============

Basic and diluted earning per share           $          0.00   $          0.00
                                              ===============   ===============


</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>


                            TRIMAINE HOLDINGS, INC.
                CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>


                                                MONTHS ENDED      MONTHS ENDED
                                                FOR THE THREE     FOR THE THREE
                                                MARCH 31, 2002    MARCH 31, 2001
                                                --------------    --------------
<S>                                             <C>               <C>
Net Income                                      $           90    $          120

Other comprehensive loss:
  Unrealized loss on securities, net of taxes           (1,419)              (85)
                                                --------------    --------------

Total comprehensive (loss) income               $       (1,329)   $           35
                                                ==============    ==============


</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>


                            TRIMAINE HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>



                                                   FOR THE THREE     FOR THE THREE
                                                   MONTHS ENDED      MONTHS ENDED
                                                   MARCH 31, 2002    MARCH 31, 2001
                                                   --------------    --------------
<S>                                                <C>               <C>
Cash Flows from Operating Activities
    Net income                                     $            90   $           120
    Adjustments to reconcile net income to
      net cash provided by (used in)
        operating activities:                                    -                 -

Changes in current assets and liabilities:
    Accounts receivable                                         -             3,481
    Real estate held for development and sale                 (66)              (90)
    Receivable from affiliates                                  -            (1,132)
    Deferred income tax assets                                  -              (247)
    Accounts payable and accrued liabilities                  (72)               (4)
    Due to affiliate                                           (6)                -
    Income tax liabilities                                      -               534
    Deferred income tax liabilities                            96              (225)
    Other                                                    (242)                -
                                                   --------------    --------------
        Net cash provided by (used in)
            operating activities                             (200)            2,437

Cash Flows from Investing Activities
    Increase in note receivable                                 -            (1,111)
                                                   --------------    --------------
          Net cash used in investing activities                 -            (1,111)

Cash Flows from Financing Activities
    Repurchases of common shares                               (3)                -
    Dividend                                                 (300)             (300)
                                                   --------------    --------------
          Net cash used in financing activities.             (303)             (300)
                                                   --------------    --------------

Change in cash and cash equivalents                          (503)            1,026
Cash and cash equivalents, beginning of period              5,919             2,721
                                                   --------------    --------------
Cash and cash equivalents, end of period           $        5,416    $        3,747
                                                   ==============    ==============


</TABLE>


   The accompanying notes are an integral part of these financial statements.


<PAGE>


                            TRIMAINE HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                  (UNAUDITED)

NOTE  1.  BASIS  OF  PRESENTATION

The  interim period consolidated financial statements contained herein have been
prepared  by  the  Registrant  pursuant to the rules and regulations of the U.S.
Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with accounting
principles  generally  accepted  in  the  United States  have  been condensed or
omitted  pursuant  to  such  rules  and  regulations.  These  interim  period
statements  should  be  read together with  the  audited  consolidated financial
statements  and accompanying notes included  in  the Registrant's  latest annual
report  on Form 10-K for the year  ended  December  31,  2001.  In  the  opinion
of  the Registrant,  the unaudited  consolidated  financial statements contained
herein  contain  all adjustments necessary  in order to present a fair statement
of the results for the interim periods  presented.

NOTE  2.  EARNINGS  (LOSS)  PER  SHARE

Basic  earnings  (loss)  per share is computed on the weighted average number of
shares  outstanding  during  the  period.  The weighted average number of shares
outstanding  were  15,322,697  for  the  three  months  ended March 31, 2002 and
15,837,808  for  the  three  months  ended  March  31,  2001.


<PAGE>


                         PART I.  FINANCIAL INFORMATION
                                  ---------------------

ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS  OF  OPERATIONS

The following discussion and analysis of the results of operations and financial
condition  of  TriMaine  Holdings, Inc. (the "Corporation") for the three months
ended  March  31,  2002  should  be  read  in  conjunction with the consolidated
financial  statements  and  related  notes  included  elsewhere  herein.

RESULTS  OF  OPERATIONS  -  THREE  MONTHS  ENDED  MARCH  31,  2002

Revenues  were  $0.3 million for the three months ended March 31, 2002 and 2001,
respectively,  primarily as a result of dividends received on shares held by the
Corporation  and  interest  income.

Costs  and  expenses  for  the  three  months ended March 31, 2002 were $64,000,
compared  to  $0.1  million in the comparative period of 2001.  Interest expense
decreased  to $3,000 in the three months ended March 31, 2002 from $5,000 in the
same  period  of  2001,  primarily  as a result of decreased indebtedness in the
current  period.

Net  income  was $0.1 million in the three months ended March 31, 2002 and 2001,
respectively.

LIQUIDITY  AND  CAPITAL  RESOURCES

The  Corporation  had  cash  of  $5.4 million at March 31, 2002 compared to $5.9
million  at  December  31,  2001.

Operating  activities  used cash of $0.2 million in the three months ended March
31,  2002,  compared to providing cash of $2.4 million in the three months ended
March  31, 2001.  There were no accounts receivable activity in the three months
ended  March  31,  2002, compared to a decrease in accounts receivable providing
cash  of  $3.5  million in the three months ended March 31, 2001.  There were no
receivables  from  affiliates activity in the three months ended March 31, 2002,
compared  to  an  increase  of  the  same using cash of $1.1 million in the same
period  of  2001.

Investing  activities  used  no  cash  in the three months ended March 31, 2002,
compared  to  $1.1  million  used  in  the  three  months  ended March 31, 2001,
primarily  as  a  result  of  an  increase  in  a  note  receivable.

Financing  activities  used cash of $0.3 million in the three months ended March
31,  2002  and  2001,  respectively,  primarily  as  a  result of the payment of
dividends  on  its  preferred  stock.

The  Corporation  has no commitments for capital expenditures in relation to its
undeveloped  real  estate,  although  it  may  need  to  provide  funds  for
pre-development  work on certain parcels in order to enhance their marketability
and  sale  value.


<PAGE>


The  Corporation  believes that its assets should enable the Corporation to meet
its  current  ongoing  liquidity  requirements.

ITEM  3.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK

Reference is made to the Corporation's annual report on Form 10-K for the fiscal
year  ended  December  31,  2001  for  information  concerning  market  risk.

                           PART II.  OTHER INFORMATION
                                     -----------------

ITEM  1.  LEGAL  PROCEEDINGS

Reference is made to the Corporation's annual report on Form 10-K for the fiscal
year  ended  December  31,  2001  for  information concerning legal proceedings.

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

(a)     EXHIBITS

        None.

(b)     REPORTS  ON  FORM  8-K

        None.


<PAGE>


                                   SIGNATURES


In  accordance with the requirements of the Securities Exchange Act of 1934, the
Registrant  caused  this  report  to be signed on its behalf by the undersigned,
thereunto  duly  authorized.

Dated:  May  14,  2002

                                         TRIMAINE HOLDINGS, INC.


                                         By:  /s/  Michael  J.  Smith
                                              -------------------------------
                                              Michael  J.  Smith,  President,
                                              Chief  Financial  Officer  and
                                              Director