SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C.   20549

                            FORM 10-Q



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

For the quarterly period ended       September 30, 1996          

                 Commission file number  0-6510 

                 MAUI LAND & PINEAPPLE COMPANY, INC.             
     (Exact name of registrant as specified in its charter)

           HAWAII                          99-0107542            
(State or other jurisdiction    (IRS Employer Identification No.)
of incorporation or organization)

P.O. Box 187, KAHULUI, MAUI, HAWAII   96732                      
(Address of principal executive offices)

(808) 877-3351                                                   
(Registrant's telephone number, including area code)


                           NONE                                  
       Former name, former address and former fiscal year,
                  if changed since last report

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 issuer's
classes of common stock, as of the latest practicable date.

         Class                    Outstanding at November 1, 1996
Common Stock, no par value               1,797,125 shares
<PAGE>


      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES






                              INDEX

                                                             Page

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

  Condensed Balance Sheets - September 30, 1996 (Unaudited)
     & December 31, 1995                                        3

  Condensed Statements of Operations and Retained Earnings,
     Three Months Ended September 30, 1996 & 1995 (Unaudited)   4

  Condensed Statements of Operations and Retained Earnings,
    Nine Months Ended September 30, 1996 & 1995 (Unaudited)     5

  Condensed Statements of Cash Flows
    Nine Months Ended September 30, 1996 & 1995 (Unaudited)     6

  Notes to Condensed Financial Statements (Unaudited)           7

Item 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations                 9

PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                    12

Item 5.   Other Information                                    13

Item 6.   Exhibits and Reports on Form 8-K                     14 



<PAGE>
PART I. - FINANCIAL INFORMATION
Item 1.   Financial Statements  

         MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
                       CONDENSED BALANCE SHEETS
                                                  Unaudited
                                                   9/30/96    12/31/95
                                                (Dollars in Thousands)
                                ASSETS
                                                                  
Current Assets
  Cash                                            $    465     $   166
  Accounts and notes receivable                     17,581      13,142
  Inventories                                       24,547      19,675
  Other current assets                               3,989       3,571
                                                  --------    --------
    Total current assets                            46,582      36,554

Property                                           189,469     185,175
  Accumulated depreciation                        (102,916)    (96,618)
                                                  --------    --------
    Property - net                                  86,553      88,557

Other Assets                                        10,365      11,974
                                                  --------    --------
  TOTAL                                            143,500     137,085
                                                  ========    ========

                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
  Current portion of long-term debt                 20,000          --
  Trade accounts payable                             5,731       5,761
  Other current liabilities                          7,645       7,365
                                                  --------    --------
    Total current liabilities                       33,376      13,126
Long-Term Liabilities
  Long-term debt and capital lease obligations      21,653      36,227
  Accrued retirement benefits                       21,721      22,594
  Other long-term liabilities                        7,218       6,268
                                                  --------    --------
    Total long-term liabilities                     50,592      65,089
Stockholders' Equity
  Common stock, no par value - 1,800,000 
    shares authorized, 1,797,125 issued and
      outstanding                                   12,318      12,318
  Retained earnings                                 47,214      46,552
                                                  --------    --------
  Stockholders' Equity                              59,532      58,870
                                                  --------    --------
                                                  $143,500    $137,085
  TOTAL                                           ========    ========


See accompanying Notes to Condensed Financial Statements.


      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
    CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS 
                           (UNAUDITED)
       
         
                                            Three Months Ended   
                                            9/30/96    9/30/95* 
                                          (Dollars in Thousands 
                                           Except Share Amounts)

                                                          
REVENUES
  Net sales                               $30,435      $27,394    
  Operating income                          6,229        6,031   
  Other income                                340          660
                                          -------      -------
  Total Revenues                           37,004       34,085
                                          -------      -------
                     
COSTS AND EXPENSES
  Cost of goods sold                       20,977       21,691
  Operating expenses                        6,258        5,930   
  Shipping and marketing                    4,341        3,634
  General and administrative                3,515        3,484   
  Equity in losses (earnings) of 
    joint ventures                             88       (8,576)
  Interest                                    937        1,149
                                          -------      -------
  Total Costs and Expenses                 36,116       27,312
                                          -------      -------
                    
INCOME BEFORE INCOME TAXES                    888        6,773   
               
INCOME TAXES                                  370        2,454 
                                          -------      -------
                    
NET INCOME                                    518        4,319   
               
RETAINED EARNINGS, BEGINNING OF PERIOD     46,696       44,046   
                                          -------      -------
                              
RETAINED EARNINGS, END OF PERIOD           47,214       48,365
                                          =======      =======   
PER COMMON SHARE 
  Net Income                              $   .29      $  2.40 
                                          =======      =======   
               
*Certain amounts have been restated to conform with the 1996 
presentation.

See accompanying Notes to Condensed Financial Statements.

      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
    CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS 
                           (UNAUDITED)
     
                                            Nine Months Ended    
                                            9/30/96    9/30/95* 
                                          (Dollars in Thousands 
                                           Except Share Amounts)

                                                          
REVENUES
  Net sales                               $74,750      $64,797    
  Operating income                         19,161       21,563   
  Other income                              1,224        3,882
                                          -------      -------
  Total Revenues                           95,135       90,242
                                          -------      -------
                     
COSTS AND EXPENSES
  Cost of goods sold                       51,076       48,684
  Operating expenses                       17,566       18,329   
  Shipping and marketing                   11,155        9,609
  General and administrative               10,875       11,636   
  Equity in losses (earnings) of 
    joint ventures                            646       (4,390)
  Interest                                  2,708        5,952
                                          -------      -------
  Total Costs and Expenses                 94,026       89,820
                                          -------      -------
                    
INCOME BEFORE INCOME TAXES                  1,109          422   
               
INCOME TAXES                                  447          168 
                                          -------      -------
                    
NET INCOME                                    662          254   
               
RETAINED EARNINGS, BEGINNING OF PERIOD     46,552       48,111   
                                          -------      -------
                              
RETAINED EARNINGS, END OF PERIOD           47,214       48,365
                                          =======      =======   
               
PER COMMON SHARE 

  Net Income                              $   .37      $   .14 
                                          =======      =======   
               
*Certain amounts have been reclassified to conform with the 1996 
presentation.

See accompanying Notes to Condensed Financial Statements.

      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
               CONDENSED STATEMENTS OF CASH FLOWS 
                         (UNAUDITED)
       
                                            Nine Months Ended    
                                         9/30/96         9/30/95
                                         (Dollars in Thousands)
                                                          
Net Cash From (Used In) Operating 
  Activities                            $(3,071)        $ (4,897)
                                        -------         --------
Investing Activities
  Purchases of property                  (3,288)          (4,906)
  Proceeds from disposal of property        789            3,056
  Reimbursements from Kaahumanu 
    Center Associates                        --           11,224
  Proceeds from surrender of      
    insurance policies                    3,246               -- 
  Other                                     400           (2,682)
                                        -------         --------
Net Cash From (Used In) Investing    
  Activities                              1,147            6,692 
                                        -------         --------
Financing Activities
  Payments of long-term debt & capital            
    lease obligations                   (10,177)         (16,298)
  Proceeds from long-term borrowings     12,400           13,288 
  Proceeds from short-term debt              --              113 
                                        -------          -------

Net Cash From (Used In) Financing 
  Activities                              2,223           (2,897)
                                        -------          -------

Net Cash Increase (Decrease)                299           (1,102)

Cash At Beginning of Period                 166            2,269 
                                        -------          -------

Cash At End of Period                   $   465         $  1,167
                                        =======         ========

Supplemental Disclosure of Cash Flow and Non-Cash Information -
Interest (net of amounts capitalized) of $ 3,276,000 and
$6,597,000 was paid during the nine months ended September 30,
1996 and 1995, respectively.  Income taxes of $306,000 were paid
during the nine months ended September 30, 1996.  Income tax
refunds (net of payments) of $1,509,000 were received during the
nine months ended September 30, 1995.  Capital lease obligations
of $848,000 were incurred during the nine months ended September
30, 1996.  See also Notes 4 and 5 to Condensed Financial
Statements.

See accompanying Notes to Condensed Financial Statements.

      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
             NOTES TO CONDENSED FINANCIAL STATEMENTS
                          (UNAUDITED)



1.   In the opinion of management, the accompanying condensed
     financial statements contain all normal and recurring
     adjustments necessary to present a fair statement of
     financial position and results of operations for the interim
     periods ended September 30, 1996 and 1995.

2.   The Company's reports for interim periods utilize numerous
     estimates of production, general and administrative
     expenses, and other costs for the full year.  Consequently,
     amounts in the interim reports are not necessarily
     indicative of results for the full year.

3.   The effective tax rate for 1996 and 1995 differs from the
     statutory federal rate of 34% primarily because of the state
     tax provision and refundable state tax credits.

4.   On October 31, 1995, the partners of Kaptel Associates,
     which owns The Ritz-Carlton Kapalua Hotel, concluded an
     agreement to dissolve the partnership.  Effective October
     31, 1995, the Company and The Ritz-Carlton Hotel Company
     transferred their respective 25% interests in the
     partnership to the remaining partner, NI Hawaii Resorts,
     Inc.  Because of the dissolution agreement, the Company's
     equity in the losses of Kaptel Associates recorded through
     June 30, 1995 were reversed in the third quarter of 1995. 
     The reversal of these losses are reflected as decreases in
     costs and expenses of $8.9 million and $5 million,
     respectively, for the third quarter and the first nine
     months of 1995.  

5.   Effective April 30, 1995, the Employees' Retirement System
     of the State of Hawaii (ERS) converted its $30.6 million
     loan to an additional 49% ownership in Kaahumanu Center
     Associates (KCA).  After the conversion, the Company no
     longer consolidated KCA, but accounted for its investment in
     KCA by the equity method.  This resulted in a decrease in
     the Company's consolidated assets and consolidated debt of
     approximately $76 million.

6.   The entire $20 million outstanding under the $22 million
     revolving credit agreement has been reflected as a current
     liability because maturity is currently scheduled for 
     June 30, 1997.  The Company anticipates extending and
     modifying the terms of this facility (see page 12).











7.   Inventories as of September 30, 1996 and December 31, 1995
     were as follows (in thousands):                    

                                              9/30/96    12/31/95
                                                        (restated)
     Pineapple products-
          Finished goods                     $14,894     $11,631
          Work in progress                     2,315       1,088
          Raw materials                          926       1,201
     Real estate held for sale                   339         340
     Merchandise, materials and supplies       6,073       5,415
                                             -------     -------
     Total Inventories                       $24,547     $19,675
                                             =======     =======

8.   Average common shares outstanding for the interim periods
     ended September 30, 1996 and 1995 were 1,797,125.




<PAGE>
Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

RESULTS OF OPERATIONS

Consolidated

Consolidated net income for the nine months ended September 30,
1996 was $662,000 compared to $254,000 for the same period in 1995.

For the third quarter of 1996, net income was $518,000 compared to
$4.3 million for the third quarter of 1995.

Net income for the third quarter and first nine months of 1995
includes $5.7 million ($8.9 million before income taxes) and $3.2
million ($5 million before income taxes) of income attributable to
the reversal of the Company's equity in losses of Kaptel
Associates.  These losses were reversed in the third quarter of
1995 because the Company disposed of its partnership interest in
Kaptel in October 1995 (see Note 4 to Condensed Financial
Statements).

Interest expense for the first nine months and for the third
quarter of 1996 was lower by 55% and 18%, respectively, than the
same periods in 1995.  The decreases resulted from lower average
borrowings and the change in accounting for Kaahumanu Center
Associates effective as of April 30, 1995 (see Note 5 to Condensed
Financial Statements).

General and administrative expenses decreased by 7% for the first
nine months of 1996 compared to the first nine months of 1995.  For
the third quarter of 1996 these expenses increased by less than 1%
compared to last year's third quarter.  The decrease for the nine
month period was largely a result of the change in accounting for
Kaahumanu Center Associates effective as of April 30, 1995 (see
Note 5 to Condensed Financial Statements).  


Pineapple

The Company's Pineapple segment contributed revenue of $66.4
million in the first nine months of 1996 compared to $57.4 million
in the same period for 1995.  Operating profits for the first nine
months of 1996 were $4.1 million compared to an operating loss of
$1.8 million for the first nine months of 1995.  

Higher average prices per case of canned pineapple sold accounted
for 58% of the $8.9 million net revenue increase and higher case
volume of sales accounted for 52% of that increase. Partially
offsetting the increase in average prices and volume were decreases
totaling 10% attributable to sales mix and fresh fruit sales.
Pineapple costs and expenses increased primarily as a result of the
higher volume of cases sold.


Pineapple operations contributed revenue of $27.7 million in the
third quarter of 1996 compared to $25 million in the third quarter
of 1995.  Operating profit for the third quarter of 1996 was $2.5
million compared to an operating loss of $628,000 for last year's
third quarter.  Approximately 83% of the $2.7 million net revenue
increase was due to improved prices. Other fluctuations in revenues
and costs and expenses were similar to the nine month periods.


Resort

The Company's Resort segment provided revenues of $25.1 million for
the first nine months of 1996 compared to $23.8 million for the
first nine months of 1995.  Resort operating profits for the first
nine months of 1996 were $2.7 million compared to $7.4 million for
the nine month period in 1995.  Operating profits for 1995 includes 
income of $5 million representing the reversal of the Company's
equity in losses of Kaptel Associates (see Note 4 to Condensed
Financial Statements).  Excluding the effect of this adjustment,
Resort operating profits improved by approximately $300,000 for the
first nine months of 1996 as compared to the same period in 1995. 
These improved operating results from the Resort ongoing operations
was principally attributable to higher occupancies at the Kapalua
resort.

Merchandise sales accounted for 38% of the $1.2 million net revenue
increase. Approved rate increases for the Company's water and sewer
utilities accounted for 45%, the Kapalua villa rentals were
responsible for 35% of the increase, and other operations (net)
provided 19% of the increase.  Reductions in lease revenues
primarily because of the revised ground lease on the Ritz-Carlton
Kapalua offset these increases by approximately 37%.  Marketing
expenses increased because of two major advertising initiatives
which began in 1996. Other cost and expense increases for the first
nine months of 1996 compared to 1995 were largely commensurate with
the increase in revenues.  

For the third quarter of 1996 the Resort segment contributed
revenues of $8 million compared to $7.7 million for the third
quarter of 1995.  Resort operating profits were $546,000 for the
third quarter of 1996 compared to $9.2 million for last year's
third quarter.  Operating profits for the third quarter of 1995
includes $8.9 million representing the reversal of the Company's
equity in losses of Kaptel Associates (see Note 4 to Condensed
Financial Statements).  Excluding this adjustment, resort operating
profits for the third quarter of 1995 was $275,000. The principal
reasons for increases in revenues and operating profits from the
Resort ongoing operations were similar to those for the nine month
period.


<PAGE>
Commercial Property

The Commercial Property segment contributed revenues of $2.8
million and $5.7 million for the first nine months of 1996 and
1995, respectively.  For the nine months ended September 30, 1996,
this segment produced an operating loss of $434,000 compared to an
operating profit of $427,000 for the same period in 1995. 
Occupancies and tenant sales at the Napili Plaza and Kaahumanu
Center improved in the first nine months of 1996 compared to the
first nine months of 1995.  The lower reported results for the
first nine months of 1996 reflect the Company's reduced ownership
in Kaahumanu Center Associates (KCA) and the change to the equity
method of accounting for this investment.  The Company's investment
in KCA has been accounted for by the equity method since 
April 30, 1995  because of the Company's reduced investment.  Prior
to that, the financial statements of KCA were consolidated with the
Company (see Note 5 to Condensed Financial Statements).  

For the third quarter of 1996 the Commercial Property segment
reported revenues of $1 million and an operating loss of $24,000. 
Results for the comparable period a year ago were revenues of
$891,000 and an operating loss of $201,000.  These improved results
principally reflect increased occupancies and tenant sales at
Napili Plaza and Kaahumanu Center.


Land Management

The Company's Land Management division produced revenues of
$956,000 for the first nine months of 1996 compared to $3.2 million
for the first nine months of 1995.  Operating profits were $708,000
and $3.1 million, respectively, for the same periods.  For the
third quarter of 1996 Land Management revenue was $268,000 compared
to $468,000 for the same period a year ago, and operating profits
were $86,000 compared to $449,000 for the third quarter of 1995. 
The decrease in revenue and operating profit for the third quarter
and first nine months of 1996 results from fewer land sales.



LIQUIDITY AND CAPITAL RESOURCES


The Company's total debt at September 30, 1996, including capital
leases was $42.8 million compared to $37.5 million at December 31,
1995.  The increase in debt for the first nine months of 1996 was
largely a result of seasonal negative cash flows from operating
activities.  Peak pineapple canning during the summer months,
coupled with a lag in receivable collections, principally from the
U.S. Department of Agriculture, were the primary reasons for
negative cash flows from operating activities during this period.
The deficiency in cash flow from operating activities is expected
to reverse in the fourth quarter of 1996 and borrowings will be
reduced.  The Company had approximately $3.5 million in unused
revolving credit lines available at September 30, 1996.  

In November 1996 the Company expects to conclude a $5 million
mortgage financing arrangement on the Napili Plaza.  Proceeds from
this loan will be used to reduce the $20 million balance under the
Company's $22 million revolving credit facility.

In the fourth quarter of 1996, the Company also expects to extend
and modify its $22 million revolving credit facility.  It is
expected that this financing arrangement, which currently expires
on June 30, 1997, will be extended to December 31, 1997 and that
the available commitment will be reduced to $15 million.

The net effect of these financing arrangements will be to reduce
the Company's available credit lines by $2 million.  The Company
believes that these credit facilities will be sufficient to meet
its seasonal cash requirements. 

Capital expenditures for pineapple operations are expected to be
$4.3 million in 1996.  Approximately 50% of these expenditures are
for equipment replacements.  Resort capital expenditures for 1996
are projected to be $1.8 million.  Approximately 55% of these
expenditures are for replacement of equipment used by the resort
recreation and retail operations.  The corporate division expects
to have capital expenditures in 1996 of approximately $400,000
primarily for replacements and additions to the company's computer
system.  Capital leases of approximately $1.1 million will be
incurred to finance some of the new equipment purchased in 1996. 
The remainder is expected to be financed from operating cash flows.



PART II   OTHER INFORMATION

Item 1.  Legal Proceedings

     A.  Antidumping Petition.
     In June of 1994, Maui Pineapple Company, Ltd. and the
     International Longshoremen's and Warehousemen's Union filed an
     antidumping petition with the U. S. International Trade
     Commission and the U.S. Department of Commerce.  The petition
     alleged that Thai producers of canned pineapple were violating
     U.S. and international trade laws by selling their products in
     the United States at less than fair value, and that such sales
     were causing injury to the U.S. industry producing canned
     pineapple.   

     On May 30, 1995, the U.S. Department of Commerce completed
     it's portion of the investigation, concluding that imports of
     canned pineapple from Thailand were being sold in the United
     States at less than fair value.  Thai producers investigated
     included Dole Thailand, Ltd., The Thai Pineapple Public Co.,
     Ltd., Siam Agro Industry Pineapple and Others Co., Ltd., and
     Malee Sampran Factory Public Co., Ltd.

     On June 30, 1995, the U.S. International Trade Commission
     announced its unanimous determination that the domestic
     industry producing canned pineapple was materially injured by
     reason of the unfair imports of canned pineapple from
     Thailand.  As a result of the affirmative findings of both the
     U.S. Department of Commerce and International Trade
     Commission, antidumping duties were imposed on all imports of
     canned pineapple fruit from Thailand into the United States,
     with cash duty deposits ranging from 2 to 51 percent. 

     The Thai respondents have appealed the dumping calculations of
     the Department of Commerce to the U.S. Court of International
     Trade.  Maui Pineapple has filed a cross appeal concerning one
     element of the Department's determination.  On August 19,
     1996, the U.S. Court of International Trade heard arguments
     from all parties to the appeals.  As of this time, no decision
     has been announced by the court.
     
     In the third quarter of 1996, four Thai producers of canned
     pineapple requested that the Department of Commerce conduct an
     annual review of their records in order to ascertain whether
     the current antidumping duties should be adjusted.  The
     reviews are expected to be completed by July 31, 1997.

     
     B.  Arosi Litigation.
     On July 10, 1996, Arosi Hawaii, Inc. ("Arosi") filed a
     complaint against Maui Land & Pineapple Company, Inc. ("MLP"),
     and two of its officers, Don Young and Paul J. Meyer, entitled
     Arosi Hawaii, Inc. v. Maui Land & Pineapple Company, Inc.,
     etal., Civil No. 96-087(1) (Circuit Court of the Second
     Circuit, State of Hawaii).  The complaint, which seeks
     unspecified special, general and punitive damages, alleges
     that the exercise by MLP of a first refusal right constituted
     tortious interference with Arosi's attempt to purchase the
     Kapalua Bay Hotel and Villas from KBH Operations Limited
     Partnership ("KBH").  The first refusal right was included in
     a ground lease under which MLP leased the land underlying the
     hotel to KBH.  Arosi entered into a hotel purchase contract,
     which expressly acknowledged MLP's first refusal right.  After
     MLP exercised that right, Arosi terminated the contract with
     KBH, and KBH initiated a Chapter XI proceeding.  The hotel was
     subsequently sold to a third party, pursuant to bankruptcy
     court approval and stipulations among KBH, MLP and other
     parties.  The litigation is still in its preliminary stages.


Item 5.  Other Information

     In September 1996 the owners of the Kapalua Bay Hotel sold the
     hotel to a third party.  The Company, as ground lessor, has
     agreed to the assignment of the lease to the buyer and to the
     amendment of certain terms of the lease (see Exhibit (10)A,
     filed herewith).  

Item 6.   Exhibits and Reports on Form 8-K   

          (a)  Exhibits
          
          (10) Material Contracts
               A.  Third Amendment of Hotel Ground Lease, dated and
               effective as of September 5, 1996.  Attached.
               
          (27) Financial Data Schedule
               As of September 30, 1996 and for the nine months
               then ended.  Attached.
                                        
          (b)  Reports on Form 8-K
               
               There were no reports on Form 8-K filed for the
               period covered by this report.



<PAGE>


                             SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.







                              MAUI LAND & PINEAPPLE COMPANY, INC.



  November 12, 1996             /S/ PAUL J. MEYER                 
Date                          Paul J. Meyer 
                              Executive Vice President/Finance
                              (Principal Financial Officer)