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, 2003

                                       or

          [ ]    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 office)

                                (43) 1 240 25 102
              (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  by  check  mark  whether  the  Registrant  is an accelerated filer (as
defined  in  Rule  12b-2  of  the  Act).  Yes          No    X
                                              -----        -----

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  12,  2003
             -----                         -------------------------------

      Common Stock, $0.01                            15,241,897
          par value

<PAGE>

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

ITEM  1.  FINANCIAL  STATEMENTS




                             TRIMAINE HOLDINGS, INC.

                        CONSOLIDATED FINANCIAL STATEMENTS

                    FOR THE THREE MONTHS ENDED MARCH 31, 2003

                                  (UNAUDITED)



                                        2

<PAGE>

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

<TABLE>
<CAPTION>

                                              MARCH 31, 2003    DECEMBER 31, 2002
                                              --------------    -----------------
<S>                                          <C>               <C>
                                  ASSETS
Current Assets
  Cash and cash equivalents                   $       3,906     $        3,494
  Note receivable                                        28                728
  Real estate held for development and sale           1,249              1,242
  Other                                                 405                442
                                              -------------     --------------
      Total current assets                            5,588              5,906
                                              -------------     --------------

Investments                                          14,493             13,741
                                              -------------     --------------
                                              $      20,081     $       19,647
                                              =============     ==============

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
  Accounts payable                            $          98     $           45
  Accrued liabilities                                   193                178
  Advance from affiliates                               565                506
                                              -------------     --------------
      Total current liabilities                         856                729
                                              -------------     --------------

  Deferred income tax liability                       1,111                866
                                              -------------     --------------
                                                      1,967              1,595
                                              -------------     --------------
Shareholders' Equity
  Preferred stock                                         1                  1
  Common stock                                          152                152
  Additional paid-in capital                         16,329             16,331
  Deficit                                            (1,140)              (707)
  Accumulated other comprehensive income              2,772              2,275
                                              -------------     --------------
      Total equity                                   18,114             18,052
                                              -------------     --------------
                                              $      20,081     $       19,647
                                              =============    ==============

</TABLE>


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


                                        3

<PAGE>

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

<TABLE>
<CAPTION>

                                         FOR THE THREE     FOR THE THREE
                                         MONTHS ENDED      MONTHS ENDED
                                         MARCH 31, 2003    MARCH 31, 2002
                                         --------------    --------------
<S>                                     <C>                <C>
REVENUES
  Investment and other                   $        (38)     $        251
                                         ------------      ------------
                                                  (38)              251
                                         ------------      ------------

COSTS AND EXPENSES
  General and administrative expenses             103                61
  Interest                                          2                 3
                                         ------------      ------------
                                                  105                64
                                         ------------      ------------

Income (loss) before income tax                  (143)              187

Income tax expense (benefit)                      (10)               97
                                         ------------      ------------

Net income (loss)                                (133)               90

Deficit, beginning of period                     (707)             (683)
Dividends paid on preferred shares               (300)             (300)
                                         ------------      ------------
Deficit, end of period                   $     (1,140)     $       (893)
                                         ============      ============

Basic loss per share                     $      (0.01)     $      (0.00)
                                         ============      ============

</TABLE>

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


                                        4

<PAGE>

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

<TABLE>
<CAPTION>

                                                        FOR THE THREE     FOR THE THREE
                                                        MONTHS ENDED      MONTHS ENDED
                                                        MARCH 31, 2003    MARCH 31, 2002
                                                        --------------    --------------
<S>                                                     <C>               <C>
Net income (loss)                                       $       (133)     $        90

Other comprehensive gain (loss):
  Unrealized gain (loss) on securities, net of taxes             497           (1,419)
                                                        ------------      -----------

Total comprehensive income (loss)                       $        364      $    (1,329)
                                                        ============      ===========

</TABLE>


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


                                        5

<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, 2003    MARCH 31, 2002
                                                      --------------    --------------
<S>                                                   <C>               <C>
Cash Flows from Operating Activities
    Net income (loss) from operation                  $       (133)     $         90
    Adjustments to reconcile net income to
      net cash provided by (used in)
        operating activities:

Changes in current assets and liabilities:
    Real estate held for development and sale                   (7)              (66)
    Accounts payable and accrued liabilities                    68               (72)
    Due to affiliate                                            59                (6)
    Deferred income tax liabilities                            (10)               96
    Other                                                       37              (242)
                                                      ------------      ------------
        Net cash provided by (used in)
            operating activities                                14              (200)

Cash Flows from Investing Activities
    Decrease in note receivable                                700                 -
                                                      ------------      ------------
        Net cash provided by investing activities              700                 -

Cash Flows from Financing Activities
    Repurchases of common shares                                (2)               (3)
    Dividend on preferred shares                              (300)             (300)
                                                      ------------      ------------
        Net cash used in financing activities                 (302)             (303)
                                                      ------------      ------------

Change in cash and cash equivalents                            412              (503)
Cash and cash equivalents, beginning of period               3,494             5,919
                                                      ------------      ------------
Cash and cash equivalents, end of period              $      3,906      $      5,416
                                                      ============      ============

</TABLE>


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


                                        6

<PAGE>

                             TRIMAINE HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2003
                                   (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, 2002.  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 by dividing income (loss) available
to  common  shareholders  by  the  weighted  average  number  of  common  shares
outstanding  in  the  period.  The weighted average number of shares outstanding
was  15,242,230  and 15,322,697 for the three month periods ended March 31, 2003
and  2002,  respectively.  There  were  no  potentially  dilutive  securities
outstanding  during  the  three  months  ended  March  31,  2003  and  2002.


                                        7

<PAGE>

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,  2003  should  be  read  in  conjunction with the consolidated
financial  statements  and  related  notes included in this quarterly report, as
well  as  the most recent annual report on Form 10-K for the year ended December
31,  2002  filed  with  the  Securities  and  Exchange  Commission  ("SEC").

RESULTS  OF  OPERATIONS  -  THREE  MONTHS  ENDED  MARCH  31,  2003

Revenues  were  $(38,000) for the three months ended March 31, 2003, compared to
$0.3 million for the three months ended March 31, 2002, primarily as a result of
an  unrealized  loss  on  investments  during  the  current  period.

Costs  and  expenses were $0.1 million for the three months ended March 31, 2003
and  2002  .  Interest  expense  decreased  marginally in the three months ended
March  31,  2003  from  the  same  period  of  2002.

The  Corporation  had a net loss of $0.1 million in the three months ended March
31,  2003,  compared  to  net income of $0.1 million in the same period of 2002.

LIQUIDITY  AND  CAPITAL  RESOURCES

The Corporation had cash and cash equivalents of $3.9 million at March 31, 2003,
compared  to $3.5 million at December 31, 2002.  The Corporation had real estate
held for development and sale of $1.2 million at March 31, 2003 and December 31,
2002.

Operating  activities  provided  cash of $14,000 in the three months ended March
31, 2003, compared to using cash of $0.2 million in the three months ended March
31, 2002.  An increase in real estate held for development and sale used cash of
$7,000 in the current period, compared to $0.1 million in the comparative period
of  2002.  An increase in accounts payable and accrued liabilities provided cash
of $0.1 in the three months ended March 31, 2003, compared to a decrease in same
using  cash  of $0.1 million in the same period in 2002.  An increase in amounts
due  to  an  affiliate  provided  cash of $0.1 million in the three months ended
March  31, 2003, compared to a decrease in same using cash of $6,000 in the same
period of 2002.  Changes in other assets provided cash of $37,000 in the current
period,  compared  to  using  cash  of $0.2 million in the comparative period in
2002.

Investing  activities  provided  cash  of $0.7 million in the three months ended
March  31,  2003,  primarily  as  a  result  of  repayments  received  on a note
receivable.

Financing  activities  used cash of $0.3 million in the three months ended March
31,  2003  and  2002,  primarily  as a result of the payment of dividends on the
Corporation's  preferred  stock.


                                        8

<PAGE>

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.

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

CRITICAL  ACCOUNTING  POLICIES

Reference is made to the Corporation's annual report on Form 10-K for the fiscal
year  ended  December  31,  2002  for information concerning critical accounting
policies.

CAUTIONARY  STATEMENT  REGARDING  FORWARD-LOOKING  INFORMATION

The  statements in this report that are not based on historical facts are called
"forward-looking  statements"  within  the  meaning of the United States Private
Securities Litigation Reform Act of 1995. These statements appear in a number of
different  places  in  this  report  and  can  be  identified  by  words such as
"estimates",  "projects",  "expects",  "intends",  "believes", "plans", or their
negatives  or other comparable words. Also look for discussions of strategy that
involve  risks  and uncertainties. Forward-looking statements include statements
regarding  the  outlook for our 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.  You are
cautioned  that  any  such forward-looking statements are not guarantees and may
involve  risks  and uncertainties. Our actual results may differ materially from
those  in the forward-looking statements due to risks facing us or due to actual
facts  differing  from  the  assumptions underlying our estimates. Some of these
risks  and assumptions include those set forth in reports and other documents we
have  filed with or furnished to the SEC, including in our annual report on Form
10-K  for  the year ended December 31, 2002. We advise you that these cautionary
remarks  expressly  qualify  in  their  entirety  all forward-looking statements
attributable  to  us or persons acting on our behalf. Unless required by law, we
do  not  assume  any  obligation  to  update forward-looking statements based on
unanticipated  events  or  changed  expectations.  However, you should carefully
review  the  reports and other documents we file from time to time with the SEC.


                                        9

<PAGE>

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,  2002  for  information  concerning  market  risk.

ITEM  4.  CONTROLS  AND  PROCEDURES

Within  90 days prior to the date of this report, the Corporation carried out an
evaluation,  under  the  supervision  and  with  the  participation  of  the
Corporation's  principal  executive  officer and principal financial officer, of
the  effectiveness  of  the design and operation of the Corporation's disclosure
controls  and procedures.  Based on this evaluation, the Corporation's principal
executive  officer  and  principal  financial  officer  concluded  that  the
Corporation's  disclosure  controls  and  procedures  are  effective  in  timely
alerting  them  to  material information required to be included in its periodic
reports  filed with the SEC. It should be noted that the design of any system of
controls  is  based  in  part  upon  certain assumptions about the likelihood of
certain  events,  and  there can be no assurance that any design will succeed in
achieving  its  stated  goals  under  all  future  conditions, regardless of how
remote.  In  addition, the Corporation reviewed its internal controls, and there
have  been  no  significant changes in its internal controls or in other factors
that  could  significantly affect those controls subsequent to the date of their
last  evaluation.


                                       10

<PAGE>

                           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,  2002  for  information concerning legal proceedings.

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

(a)     EXHIBITS

        99.1  -  Certification

(b)     REPORTS  ON  FORM  8-K

        None.


                                       11

<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  15,  2003

                                   TRIMAINE  HOLDINGS,  INC.


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


                                       12

<PAGE>

                                  CERTIFICATION


I,  Michael  J.  Smith,  certify  that:

1.     I  have reviewed this quarterly report on Form 10-Q of TriMaine Holdings,
       Inc.  (the  "Registrant");

2.     Based  on my knowledge, this quarterly report does not contain any untrue
       statement  of  a material fact or omit to state a material fact necessary
       to  make the  statements  made, in light of the circumstances under which
       such  statements  were  made,  not  misleading with respect to the period
       covered by this quarterly report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
       information  included  in  this  quarterly  report, fairly present in all
       material  respects  the  financial  condition,  results of operations and
       cash flows of the Registrant  as  of,  and  for, the periods presented in
       this quarterly report;

4.     The  Registrant's  other  certifying  officers  and I are responsible for
       establishing  and  maintaining  disclosure  controls  and  procedures (as
       defined in Exchange Act  Rules  13a-14  and  15d-14)  for the  Registrant
       and  have:

       a)   designed  such  disclosure  controls  and  procedures to ensure that
            material information  relating  to  the  Registrant,  including  its
            consolidated subsidiaries,  is  made known  to  us  by  others  with
            those  entities,  particularly  during  the  period  in  which  this
            quarterly  report  is  being  prepared;

       b)   evaluated the  effectiveness of the Registrant's disclosure controls
            and procedures as of a  date  within  90  days  prior  to the filing
            date of this quarterly  report  (the  "Evaluation  Date");  and

       c)   presented  in  this  quarterly  report  our  conclusions  about  the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as  of  the  Evaluation  Date;

5.     The Registrant's other certifying officers and I have disclosed, based on
       our  most  recent  evaluation, to the Registrant's auditors and the audit
       committee of the Registrant's  board  of directors (or persons performing
       the equivalent functions):

       a)   all  significant  deficiencies  in  the  design  or  operation  of
            internal controls which  could  adversely  affect  the  Registrant's
            ability to record, process,  summarize  and  report  financial  data
            and  have  identified  for the Registrant's  auditors  any  material
            weaknesses  in internal  controls;  and

       b)   any  fraud,  whether  or  not  material,  that  involves  management
            or other  employees  who have a significant role in the Registrant's
            internal controls; and

6.     The  Registrant's  other certifying officers and I have indicated in this
       quarterly  report  whether  there  were  significant  changes in internal
       controls  or  in  other  factors that could significantly affect internal
       controls subsequent to the date of  our most recent evaluation, including
       any  corrective  actions  with regard  to  significant  deficiencies  and
       material  weaknesses.

Date:     May  15,  2003

                                        /s/  Michael  J.  Smith
                                        -------------------------------------
                                        Michael  J.  Smith
                                        President and Chief Financial Officer


                                       13

<PAGE>


                                  EXHIBIT 99.1