UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C.   20549

                            FORM 10-Q


(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended       JUNE 30, 2003
                                OR
[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

                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   96733-6687
(Address of principal executive offices)

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

                             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 by check mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act).
                 Yes  [  ]    No  [x]

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 August 4, 2003
Common Stock, no par value              7,195,800 shares







              MAUI LAND & PINEAPPLE COMPANY, INC.
                        AND SUBSIDIARIES


                        TABLE OF CONTENTS

                                                             Page

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

Condensed Balance Sheets,
  June 30, 2003 (Unaudited) and December 31, 2002               3

Condensed Statements of Operations and Retained Earnings,
  Three Months Ended June 30, 2003 and 2002 (Unaudited)         4

Condensed Statements of Operations and Retained Earnings,
   Six Months Ended June 30, 2003 and 2002 (Unaudited)          5

Condensed Statements of Comprehensive Income
   Three Months Ended June 30, 2003 and 2002 (Unaudited)        6

Condensed Statements of Comprehensive Income
   Six Months Ended June 30, 2003 and 2002 (Unaudited)          6

Condensed Statements of Cash Flows,
  Six Months Ended June 30, 2003 and 2002 (Unaudited)           7

Notes to Condensed Financial Statements (Unaudited)             8

Item 2.  Management's Discussion and Analysis of Financial
Condition and Results of Operations                            12

Item 3.  Quantitative and Qualitative Disclosures About Market
Risk                                                           17

Item 4.  Controls and Procedures                               17

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings                                     18

Item 4.  Submission of Matters to a Vote of Security-Holders   18

Item 6.  Exhibits and Reports on Form 8-K                      19

Signatures                                                     20







PART I    FINANCIAL INFORMATION
Item 1.   Financial Statements

      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
                    CONDENSED BALANCE SHEETS
                                                 Unaudited
                                                  6/30/03     12/31/02
                                                 (Dollars in Thousands)
                                ASSETS
Current Assets
  Cash and cash equivalents                      $  1,023    $     658
  Accounts and notes receivable                    18,836       22,315
  Inventories                                      27,177       23,365
  Other current assets                             11,065        8,385
    Total current assets                           58,101       54,723

Property                                          258,148      264,647
  Accumulated depreciation                       (153,060)    (152,449)
    Property - net                                105,088      112,198

Other Assets                                       16,608       17,274
Total                                             179,797      184,195


                 LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Current portion of long-term debt and
    capital lease obligations                       6,450        6,846
  Trade accounts payable                           10,279       13,057
  Other current liabilities                         9,773        9,318
    Total current liabilities                      26,502       29,221

Long-Term Liabilities
  Long-term debt and capital lease obligations     44,054       43,252
  Accrued retirement benefits                      34,221       33,089
  Equity in losses of joint venture                13,564       12,840
  Other long-term liabilities                       1,451        1,867
    Total long-term liabilities                    93,290       91,048

Minority Interest in Subsidiary                     1,935        1,187

Stockholders' Equity
  Common stock, no par value - 7,200,000 shares
    authorized, 7,195,800 issued and outstanding   12,455       12,455
  Retained earnings                                50,699       55,357
  Accumulated other comprehensive loss             (5,084)      (5,073)
    Stockholders' equity                           58,070       62,739
Total                                            $179,797    $ 184,195

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
                                         6/30/03      6/30/02
                                         (Dollars in Thousands
                                         Except Share Amounts)

Revenues
  Net sales                              $26,591      $25,227
  Operating income                         8,660        8,092
  Other income                             1,239          242

Total Revenues                            36,490       33,561

Costs and Expenses
  Cost of goods sold                      17,885       16,814
  Operating expenses                       8,723        8,316
  Shipping and marketing                   5,038        4,761
  General and administrative               8,933        5,767
  Interest                                   655          572
  Equity in losses of joint ventures         452          388

Total Costs and Expenses                  41,686       36,618

Loss Before Income Taxes and
 Minority Interest                        (5,196)      (3,057)

Income tax benefit                         1,432        1,054

Minority interest in income of
  consolidated subsidiary                   (268)         (63)

Net Loss                                  (4,032)      (2,066)

Retained Earnings, Beginning of Period    54,731       61,842

Retained Earnings, End of Period          50,699       59,776

Per Common Share
    Net Loss                             $  (.56)      $ (.29)


See accompanying Notes to Condensed Financial Statements.





     MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
    CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
                          (UNAUDITED)

                                           Six Months Ended
                                         6/30/03      6/30/02
                                         (Dollars in Thousands
                                         Except Share Amounts)
Revenues
  Net sales                              $53,746      $50,337
  Operating income                        18,618       18,451
  Other income                             1,399        1,058

Total Revenues                            73,763       69,846

Costs and Expenses
  Cost of goods sold                      34,747       32,870
  Operating expenses                      17,094       16,660
  Shipping and marketing                  10,114        9,509
  General and administrative              15,514       10,834
  Interest                                 1,289        1,153
  Equity in losses of joint ventures         708          628

Total Costs and Expenses                  79,466       71,654

Loss Before Income Taxes and
  Minority Interest                       (5,703)      (1,808)

Income tax benefit                         1,741          637

Minority interest in income of
  consolidated subsidiary                   (696)        (119)

Net Loss                                  (4,658)      (1,290)

Retained Earnings, Beginning of Period    55,357       61,066

Retained Earnings, End of Period          50,699       59,776

Per Common Share
    Net Loss                             $  (.65)      $ (.18)



See accompanying Notes to Condensed Financial Statements.





      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
          CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
                           (UNAUDITED)



                                           Three Months Ended
                                          6/30/03       6/30/02
                                          (Dollars in Thousands)


Net Loss                                 $(4,032)      $ (2,066)

Other Comprehensive Loss - Foreign
  Currency Translation Adjustment            (13)            (8)

Comprehensive Loss                       $(4,045)      $ (2,074)



                                            Six Months Ended
                                          6/30/03       6/30/02
                                          (Dollars in Thousands)


Net Loss                                 $(4,658)      $ (1,290)

Other Comprehensive Income (Loss) -
  Foreign Currency Translation
  Adjustment                                 (11)            16

Comprehensive Loss                       $(4,669)      $ (1,274)


See accompanying Notes to Condensed Financial Statements.





       MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
               CONDENSED STATEMENTS OF CASH FLOWS
                           (UNAUDITED)



                                            Six Months Ended
                                         6/30/03       6/30/02
                                         (Dollars in Thousands)


Net Cash Provided by (Used in)
  Operating Activities                  $  3,742       $ (2,217)

Investing Activities
  Purchases of property                   (3,959)        (5,416)
  Proceeds from disposal of property          30            630
  Increases in other assets                 (602)          (996)

Net Cash Used in Investing Activities     (4,531)        (5,782)

Financing Activities
  Payments of long-term debt and capital
    lease obligations                    (11,974)        (8,823)
  Proceeds from long-term debt            12,847         14,389
  Proceeds from (payment of)
    short-term debt                         (320)         1,000
  Other                                      601            168

Net Cash Provided by Financing Activities  1,154          6,734

Net Increase (Decrease) in Cash              365         (1,265)

Cash and Cash Equivalents
  at Beginning of Period                     658          2,173

Cash and Cash Equivalents
  at End of Period                       $ 1,023        $   908

Supplemental Disclosures of Cash Flow Information - Interest (net
of amounts capitalized) of $1,321,000 and $1,137,000 was paid
during the six months ended June 30, 2003 and 2002, respectively.
Income taxes of $(288,000) and $1,483,000 were (received) paid
during the six months ended June 30, 2003 and 2002, respectively.

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 fairly present the statement of
    financial position, results of operations and cash flows for
    the interim periods ended June 30, 2003 and 2002.

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

3.  The effective tax rate for 2003 and 2002 differs from the
    statutory federal rate of 34% primarily because of the state
    tax provision and refundable state tax credits.

4.  Accounts and notes receivable are reflected net of allowance
    for doubtful accounts of $1,040,000 and $572,000 at
    June 30, 2003 and December 31, 2002, respectively.

5.  Inventories as of June 30, 2003 and December 31, 2002 were
    as follows (in thousands):

                                           6/30/03    12/31/02

    Pineapple products
      Finished goods                       $ 9,384     $11,829
      Work in progress                       4,214         963
      Raw materials                          3,234       1,696
    Real estate held for sale                4,434       2,134
    Merchandise, materials and supplies      5,911       6,743

    Total Inventories                      $27,177     $23,365


6.  Business Segment Information (in thousands):


                          Three Months Ended       Six Months Ended
                                June 30                 June 30
                             2003      2002          2003     2002
Revenues
  Pineapple               $23,876   $22,163        $44,774   $41,505
  Resort                   10,529    10,309         23,824    25,529
  Commercial & Property     2,105     1,088          5,184     2,811
  Other                       (20)        1            (19)        1
Total Revenues             36,490    33,561         73,763    69,846

Operating Profit (Loss)
  Pineapple                (2,879)   (1,322)        (4,416)   (2,463)
  Resort                   (1,028)     (400)           266     2,556
  Commercial & Property      (139)     (458)           210      (139)
  Other                      (763)     (368)        (1,170)     (728)
Total Operating Loss       (4,809)   (2,548)        (5,110)     (774)
Interest Expense             (655)     (572)        (1,289)   (1,153)
Income Tax Benefit          1,432     1,054          1,741       637

Net Loss                  $(4,032)  $(2,066)       $(4,658)  $(1,290)

7. In June 2003, the Company entered into an agreement to sell
   the Napili Plaza and in July 2003, the Company, as managing
   member for Kaahumanu Center Associates, signed an agreement to
   sell Queen Kaahumanu Center.  At June 30, 2003, the Napili
   Plaza property, plant and equipment (net of accumulated
   depreciation of $4,373,000) has been classified as Real Estate
   Held for Sale.

   On August 1, 2003, the sale of Napili Plaza was concluded and
   the Company's $4.5 million mortgage loan on the on the property
   was repaid.  The Company will report a pretax gain of
   approximately $2 million in the third quarter of 2003.

   The sale of Queen Kaahumanu Center is expected to close before
   the end of third quarter 2003.

8. Average common shares outstanding for the interim periods
   ended June 30, 2003 and 2002 were 7,195,800.  The Company has
   no securities outstanding that would potentially dilute common
   shares outstanding.

9. At June 30, 2003 and 2002, the Company did not hold
   derivative instruments and did not enter into hedging
   transactions.

10.On January 1, 2003, the Company adopted Statement of Financial
   Accounting Standard No. 146, Accounting for Costs Associated
   with Exit or Disposal Activities ("SFAS No. 146").  SFAS No.
   146 requires that a liability for a cost associated with an
   exit or disposal activity be recognized when the liability is
   incurred, and not at the date of an entity's commitment to an
   exit plan, as was previously required.  The adoption of SFAS
   No. 146 did not have a material effect on the Company's
   financial statements.

   On January 1, 2003, the Company adopted Financial Accounting
   Standards Board Interpretation No. 45, Guarantor's Accounting
   and Disclosure Requirements for Guarantees, Including Indirect
   Guarantees of Indebtedness of Others ("FIN No. 45").  FIN No.
   45 requires an entity to disclose in its financial statement
   footnotes many of the guarantees or indemnification agreements
   that it issues.  In addition, under certain circumstances, an
   entity will have to recognize a liability at the time it enters
   into the guarantee.  The adoption of FIN No. 45 did not have a
   material impact on the Company's financial statements.

11.Certain amounts for the prior year have been reclassified to
   conform to the current year presentation.

12.Contingencies
   Pursuant to a 1999 settlement agreement resulting from a
   lawsuit filed by the County of Maui, the Company and several
   chemical manufacturers have agreed that until December 1, 2039,
   they will pay for 90% of the capital cost to install filtration
   systems in any future water wells if the presence of a
   nematocide commonly known as DBCP exceeds specified levels, and
   for the ongoing maintenance and operating cost for filtration
   systems on existing and future wells.  To secure its
   obligations the Company and the other defendants in the lawsuit
   are required to furnish to the County of Maui an irrevocable
   standby letter of credit throughout the entire term of the
   agreement.  The Company had estimated a range of its share of
   the cost to operate and maintain the filtration systems for the
   existing wells and its share of the cost of the letter of
   credit, and recorded a reserve for this liability in 1999.  The
   reserve recorded in 1999 and adjustments thereto through
   June 30, 2003, did not have a material effect on the Company's
   financial statements.  The Company is unable to estimate the
   range of potential financial impact for the possible filtration
   cost for any future wells acquired or drilled by the County of
   Maui and, therefore, has not made a provision in its financial
   statements for such costs.  The level of DBCP in the existing
   wells should decline over time as the wells are pumped, which
   may end the requirement for filtration before 2039.  There are
   procedures in the settlement agreement to minimize the DBCP
   impact on future wells by relocating the wells to areas
   unaffected by DBCP or by using less costly methods to remove
   DBCP from the water.

   In connection with pre-development planning for a land parcel
   in Upcountry Maui, pesticide residues in the parcel's soil were
   discovered in levels that are in excess of Federal and Hawaii
   State limits.  Studies by environmental consultants, in
   consultation with the State Department of Health, indicate that
   remediation probably will be necessary.  The cost of
   remediation will depend on the various alternatives as to the
   use of the property and the method of remediation.  Until the
   Company makes further progress on obtaining proper entitlements
   for the parcel, the ultimate use of the property remains
   uncertain and, therefore, an estimate of the remediation cost
   cannot be made.

   In addition to the matters noted above, there are various other
   claims and legal actions pending against the Company.  In the
   opinion of management, after consultation with legal counsel,
   the resolution of these other matters will not have a material
   adverse effect on the Company's financial position or results
   of operations.

   Premium Tropicals International, LLC (PTI) is a joint venture
   between Royal Coast Tropical Fruit Company, Inc. (a wholly
   owned subsidiary of Maui Pineapple Company, Ltd.) and an
   Indonesian pineapple grower and canner.  The joint venture
   markets and sells Indonesian canned pineapple in the United
   States.  The Company is a guarantor of a $3 million line of
   credit, which supports letters of credit to be issued on behalf
   of PTI for import trading purposes and a $1 million line of
   credit used for working capital purposes.  Both lines expire on
   August 31, 2003.

   The Company, as a partner in various partnerships, may under
   particular circumstances be called upon to make additional
   capital contributions.

   The Company has guaranteed the payment of up to $10 million of
   the $57 million mortgage loan of Kaahumanu Center Associates, a
   limited partnership of which the Company is the general
   partner.  Upon closing of the sale of Queen Kaahumanu Center,
   the mortgage loan will be repaid and the guarantee will be
   released (see Note 7 to Condensed Financial Statements).

   At June 30, 2003, the Company had purchase commitments under
   signed contacts totaling $6.1 million, which relate primarily
   to pineapple purchases for its Costa Rican operations and to
   real estate projects on Maui.



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

RESULTS OF OPERATIONS

Consolidated

The Company reported a net loss of $4,032,000 ($.56 per share)
for the second quarter of 2003 compared to a net loss of
$2,066,000 ($.29 per share) for the second quarter of 2002.
Consolidated revenues for the second quarter of 2003 were $36.5
million compared to $33.6 million for the second quarter of 2002.

For the first half of 2003, the Company had a net loss of
$4,658,000 ($.65 per share) compared to a net loss of $1,290,000
($.18 per share) for the first half of 2002.  Consolidated
revenues for the first half of 2003 were $73.8 million compared
to $69.8 million for the same period in 2002.

Increased losses for the second quarter and first half of 2003
were due to lower net results from the Company's major business
segments, Pineapple and Resort, and increased general and
administrative expenses.  The Commercial & Property segment
produced improved results for the second quarter and first half
of 2003.

Consolidated general and administrative expenses increased by 57%
and 45% for the second quarter and first half of 2003,
respectively, compared to the same periods in 2002.  General and
administrative expenses are incurred at the segment level and at
the corporate level.  Approximately 70% of the general and
administrative expenses incurred at the corporate level were
allocated to the business segments in 2003 and 2002.  Operating
profit (loss) reported for the business segment is after
allocation of corporate general and administrative expense, but
before interest expense and income taxes.  Charges related to
management changes and employee layoffs in the Pineapple segment
accounted for approximately 49% and 33% of the increased
consolidated general and administrative expense for the second
quarter and first half of 2003, respectively.  Litigation costs
incurred in the Pineapple segment, other consultant fees, higher
depreciation expense and increased pension expense were
responsible for approximately 47% and 57% of the increased
general and administrative expense for the second quarter and
first half of 2003, respectively.

Consolidated pension expense for the year 2003 is expected to be
$2.7 million, an increase of about 100% over 2002.  This increase
reflects the decline in pension asset values in 2002 and a
decrease in assumed discount rate as of December 31, 2002.  While
pension asset values have improved in the first six months of
2003, fixed long-term interest rates have continued to decline.
At year-end 2003, the Company could be required to recognize an
additional minimum liability as prescribed by SFAS No. 87,
Employers' Accounting for Pensions.  The liability would not
affect net income, but would be recorded as a reduction of equity
through a non-cash charge to accumulated other comprehensive
income.

Interest expense was higher in the second quarter and first half
of 2003 compared to the same periods in 2002 because of higher
average borrowings.  Borrowings were higher in 2003 because cash
flows from operating activities were insufficient to reduce debt.
See Liquidity, Capital Resources and Other for further discussion
of cash flows.  The Company's average interest rates were lower
in the second quarter and first half of 2003 compared to the same
periods in 2002.

Pineapple

Pineapple operations produced an operating loss of $2.9 million
for the second quarter of 2003 compared to an operating loss of
$1.3 million for the second quarter of 2002.  For the first half
of 2003 the operating loss from Pineapple was $4.4 million
compared to $2.5 million for the first half of 2002.  Revenues
for the second quarter and first half of 2003 were $23.9 million
and $44.8 million, respectively, an increase of approximately 8%
for both the quarter and six-month period versus the comparable
periods in 2002.

Increased revenues for the second quarter and the first six
months of 2003 were due primarily to higher volume and prices of
pineapple sales from Costa Rica by the Company's 100% owned
subsidiary, Royal Coast Tropical Fruit Company, Inc. and
increased sales volume of Hawaiian GoldTM, fresh whole pineapple
grown on Maui.  Increased revenues for the first six months of
2003 also reflected higher average sales prices for the Company's
canned pineapple products.  Sales volume of the Company's canned
pineapple products was lower in the second quarter and first half
of 2003 compared to 2002 and currently represents approximately
65% of the Pineapple segment net sales compared to approximately
75% of the segment's net sales a year ago.  Revenues for the
second quarter of 2003 include $850,000 from a non-recurring cash
receipt in April 2003.

Cost of sales as a percentage of sales was lower in the second
quarter and first half of 2003 compared to 2002 primarily because
of the larger proportion of fresh pineapple sales, which
generally have a higher profit margin compared to canned sales,
and because of lower production cost (primarily at the
plantations) in 2003.

The increased operating loss for the Pineapple segment for the
second quarter and first half of 2003 was primarily due to
increased general and administrative expenses as discussed above.
General and administrative expense for the Pineapple segment
increased by $2.1 million and $3.4 million in the second quarter
and first half of 2003, respectively, compared to the same
periods in 2002.  Significant litigation cost to defend the
Company's right to grow certain hybrid pineapple varieties were
incurred in the first half of 2003, but the expense is not
expected to continue after August 2003.  Higher depreciation
charged to Pineapple general and administrative expense is
attributable to the integrated accounting system that was fully
placed in service as of January 2003.  This depreciation expense
currently is expected to be approximately $1.9 million per year
in 2003 through 2006.

Production costs are expected to be lower in 2003 because of a
reduction in the number of acres that will be planted as compared
to 2002.  In accordance with Hawaii industry practice, the
Company's policy is to charge the costs of growing pineapple to
production in the year incurred rather than deferring these costs
until the year of harvest.  This reduction in acres to be planted
in 2003 as compared to 2002 is expected to reduce cost of sales
for the year 2003 by approximately $1.0 million.

The Company's canned pineapple is sold in competition with
product produced in foreign countries; thus, the volume of
imports of canned pineapple and the average unit value declared
on these imports influences the competitive environment of the
market for the Company's products.  The effect on the marketplace
of a change in the volume or average unit value is not
necessarily immediate, and other factors also influence the
market, but the import statistics may be indicative of future
market condition.  For the first five months of 2003, the volume
of imports of canned pineapple into the United States increased
by 14% and the average unit value increased by 8%.

Antidumping duties ranging from less than 1% up to 51% have been
in effect on canned pineapple fruit imported from Thailand since
mid-1995.  At the request of either the Company or a Thai
producer, the amount of duties on pineapple imports from Thailand
is subject to annual administrative reviews by the U. S.
Department of Commerce.  Based on the preliminary results of the
seventh annual administrative review announced in June 2003,
three Thai importers have dumping margins that are considered "de
minimis."  A determination of a de minimis dumping margin for
three consecutive years will result in an importer being exempt
from the anti-dumping duty order.  In 2001, the Company had
appealed a determination that one large Thai producers' dumping
margin was de minimis, and in April 2003, the margin was
recomputed to an amount in excess of the de minimis threshold.

Over the last several years, the Company has been reducing the
acreage planted in Champaka pineapple (primarily a canning
variety) and increasing the acreage in Hawaiian GoldTM pineapple
(primarily sold as fresh whole fruit), resulting in a net
reduction in the total planted acreage.  This reduction in
planted acreage has resulted in a gradual reduction in the need
for seasonal labor as well as reductions in the full-time labor
force.  The first six months of 2003 includes approximately
$400,000 of employment severance charges.  Acceleration of the
reduction in canned pineapple production will result in further
decreases to the size of the workforce.  The Company's labor
force needs are being evaluated and additional charges for
severance and termination benefits may be necessary in future
periods.  The Company is also evaluating the fixed assets used in
its Pineapple operations in an effort to determine the most
efficient usage of its assets based on an overall reduction in
canned pineapple production.  This evaluation may result in
additional depreciation or impairment charges.

Resort

Kapalua Resort reported an operating loss for the second quarter
of 2003 of $1,028,000 compared to an operating loss of $400,000
for the second quarter of 2002. For the first half of 2003
Kapalua produced an operating profit of $266,000 compared to an
operating profit of $2,556,000 for the first half of 2002.
Revenues for the second quarter of 2003 were 2% higher than the
second quarter of 2002.  For the first half of 2003, revenues of
$23.8 million were 7% lower than the same period in 2002.

Increased revenues for the second quarter of 2003 compared to the
second quarter of 2002 were attributable to increased hotel and
villa room occupancies at Kapalua, an increased number of paid
rounds of golf, higher green fees and to improved merchandise
sales.  For the first half of 2003, the overall room occupancy at
the Resort and paid rounds of golf were lower than the first half
of 2002.  The increase in merchandise sales in the second quarter
and first half of 2003 compared to the same periods in 2002
primarily reflects an increase in Company-operated retail space
at Kapalua Resort.

The increased operating loss for the second quarter of 2003 and
the reduction in operating profit for the first half of 2003 was
due to fewer sales of new real estate product in 2003, higher
operating costs and higher direct and allocated general and
administrative expenses as explained above.  Operating cost
increases were primarily due to labor related costs.

Operating profit attributable to real estate development
decreased by $400,000 and $1.5 million in the second quarter of
2003 and first half of 2003, respectively, compared to the same
periods in 2002, reflecting lower inventory of new real estate
product available for sale.  There were no sales of new real
estate product in the second quarter of 2003, while the second
quarter of 2002 included one Pineapple Hill Estates lot sale.
The first half of 2003 included the sale of one lot at Pineapple
Hill Estates compared to the first half of 2002, which included
the sale of two lots at Pineapple Hill Estates and two lots at
Plantation Estates.

A house on a lot at Pineapple Hill Estates that the Company
constructed through a joint venture was completed in March 2003
and is available for sale.  The Company presently has a 6.5-acre
oceanfront parcel at Kapalua in escrow.  This sale is expected to
close after the State Department of Land & Natural Resources
approves the buyers' construction plans for a home on this
conservation-zoned parcel.  The next phase of Plantation Estates
at Kapalua may be available for sale before year-end 2003, but
revenues from this subdivision would be recognized as subdivision
improvements are completed, so revenues probably will not be
recognized until 2004.

Resort real estate sales are cyclical and depend on a number of
factors.  Results of real estate sales activity for the second
quarter and first half of 2003 are not necessarily indicative of
future performance trends for this segment.

Hotel and condominium room occupancies for the first six months
of 2003 compared to the same period in 2002, increased slightly
for the State of Hawaii and for the island of Maui, room
occupancies increased by approximately 3%.  Room occupancies at
the Kapalua Resort decreased by almost 3% for the first six
months of 2003 compared to the same period in 2002.  Part of the
decreased occupancy at Kapalua is due to a greater number of
units available in The Kapalua Villas, the Company's short-term
condominium rental program.  In addition, a portion of the
accommodations at the Kapalua Resort is dependent on group
business, which was lower in 2003 compared to 2002.  Advanced
bookings for the second half of 2003 indicate that Kapalua Resort
occupancies for the remainder of 2003 and the full year 2003 may
exceed 2002.

Commercial & Property

Commercial & Property operations produced an operating loss of
$139,000 for the second quarter of 2003 compared to an operating
loss of $458,000 for the second quarter of 2002.  For the first
half of 2003 the Commercial & Property operating profit was
$210,000 compared to an operating loss of $139,000 for the first
half of 2002.  Revenues from these operations was $2,105,000 for
the second quarter of 2003 compared to $1,088,000 for the second
quarter of 2002; and $5,184,000 for the first half of 2003
compared to $2,811,000 for the first half of 2002.


Higher revenues and improved net operating results for the second
quarter and first half of 2003 were primarily due to the closing
of lot sales at the Kapua Village employee subdivision.  The
second quarter and first half of 2003 included ten and 31 lot
closings, respectively.  The closing of lot sales in this
subdivision began in December 2002 and one lot remained in
inventory at June 30, 2003.  The final lot was sold in July 2003.
Revenues and operating profit for the first half of 2002 included
a $624,000 gain on the sale of a land parcel.

LIQUIDITY, CAPITAL RESOURCES AND OTHER


At June 30, 2003, total debt, including capital leases was $50.5
million, an increase of $400,000 from December 31, 2002.
Typically, the increase in the Company's debt level from the
prior year-end to the end of the second quarter would be
significantly greater because cash requirements increase as the
seasonal pineapple canning activity begins. However, the
Company's debt level at the end of 2002 was relatively high
because certain pineapple sales made late in 2002 were not
collected before year-end.  The debt was reduced to a more normal
year-end level when the receivables were collected in early 2003.
Cash flows from operating activities was $3.7 million for the
first half of 2003 compared to a negative $2.2 million for the
same period in 2002.

The seasonal pineapple canning activity of the summer months will
increase the Company's cash requirements.  However, the Company's
overall debt level is expected to be lower by the end of the
third quarter as compared to June 30, 2003, primarily because the
mortgage loan on Napili Plaza was repaid on August 1, 2003 (see
Note 7 to Condensed Financial Statements).  At June 30, 2003,
unused short- and long-term lines of credit totaled $7.1 million.
It is anticipated that cash flows from operating activities
together with the credit lines currently available to the Company
will be sufficient to cover the Company's peak cash requirements
in 2003.  Should additional credit become necessary the Company
would seek additional credit from its lenders.

In January 2003, the sales, manufacturing and payroll modules of
the integrated accounting system, which the Company began
implementing in August 2000, "went live."  Through approximately
early April 2003, the Pineapple Sales Division experienced
significant backlogs in invoicing because of previously
unforeseen issues in the new system.  At June 30, 2003, the
backlog in invoicing was at acceptable levels.

The Company's capital expenditures and expenditures for general
planning and land entitlements are expected to be approximately
$9.3 million in 2003.  Approximately $3.4 million is estimated to
be for replacement of existing equipment and facilities.  Some of
these expenditures may be funded with capital leases or new
equipment financing loans.

In August 2003, the Company expects to receive a non-recurring
cash payment of $2 million as a result of resolution of
litigation that will be recorded as Other Income in the Pineapple
segment.

This report contains forward-looking statements, within the
meaning of Private Securities Litigation Reform Act of 1995,
which are provided in an effort to assist in the understanding of
certain aspects of the Company's anticipated future financial
performance.  The words "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements.  Among other things, the
forward-looking statements in this report address the Company's
belief regarding the effect of imports on canned pineapple
pricing; the Company's expectations as to depreciation expense,
pineapple production costs and capital expenditures; the
Company's expectations as to the closing of the sale on the 6.5
acre land parcel at Kapalua and the closing of the sale of Queen
Kaahumanu Center; the possibility that the next phase of
Plantation Estates at Kapalua may be available for sale before
year-end 2003; the Company's expectations as to Resort room
occupancies; expectations regarding certain non-recurring cash
receipts; and the Company's expectations regarding the adequacy
of credit facilities and operating cash flows.  Forward-looking
statements contained in this report or otherwise made by the
Company are subject to significant risks and uncertainties, many
of which are outside of the Company's control.  Although the
Company believes that the assumptions underlying its forward-
looking statements are reasonable, any assumption could prove to
be inaccurate and that could cause actual results to differ
materially from those in the forward-looking statements.
Potential risks and uncertainties include, but are not limited
to, those risks and uncertainties as disclosed in the Company's
Annual Report to Shareholders and Form 10-K filing with the
Securities and Exchange Commission.  Unless expressly stated, the
Company does not undertake and specifically disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements.

Item 3.   Quantitative and Qualitative Disclosures about Market
Risk

The Company's primary market risk exposure with regard to
financial instruments is to changes in interest rates.  The
Company attempts to manage this risk by monitoring interest rates
and future cash requirements, and evaluating opportunities to
refinance borrowings at various maturities and interest rates.
There were no material changes to the Company's market risk
exposure during the first six months of 2003.

Item 4.   Controls and Procedures

(a) Evaluation of disclosure controls and procedures.  The
    Company's principal executive officer and principal financial
    officer evaluated the effectiveness of the Company's disclosure
    controls and procedures as of June 30, 2003.  Based on this
    evaluation, it was concluded that the Company's disclosure
    controls and procedures are effective in timely identifying
    material information that should be disclosed in this report.

(b) Changes in internal controls.  There were no changes in the
    Company's internal control over financial reporting that occurred
    during the Company's last fiscal quarter that have materially
    affected, or are reasonably likely to materially affect, the
    Company's internal control over financial reporting.


PART II   OTHER INFORMATION

Item 1.   Legal Proceedings

On August 5, 2003 a settlement agreement was signed, which
resolved all claims, counterclaims, and/or contentions on terms
satisfactory to all parties, with regard to Maui Pineapple
Company, Ltd., et al. v. Del Monte Fresh Produce (Hawaii), Inc.,
et al. Civil No. 01-1-0173(1), (Circuit Court of the Second
Circuit, State of Hawaii) and Maui Pineapple Company, Ltd., et
al. v. Del Monte Corporation, et al., Case No: C 01-01449 CRB, in
the United States District Court For the Northern District of
California (San Francisco Division).

Item 4.   Submission of Matters to a Vote of Security-Holders

On May 27, 2003, the annual meeting of the Company's shareholders
was held.  Proxies for the meeting were solicited pursuant to
Regulation 14A under the Securities Exchange Act of 1934.  The
number of outstanding shares as of March 20, 2003, the record
date of the annual meeting, was 7,195,800.

The results of the voting were as follows:

Election of Class one Directors for a three-year term:

                        Shares Voted For         Shares Withheld

Randolph G. Moore           6,563,378                152,799
Fred E. Trotter III         6,543,375                172,802

Election of the firm Deloitte & Touche LLP as auditor of the
Company for the fiscal year 2003:

Shares voted for:           6,572,776
Shares voted against:         135,273
Shares abstained:               8,128

There were no broker non-votes on any matter voted upon at the
meeting.


Item 6.     Exhibits and Reports on Form 8-K

(a)  Exhibits

     (4)  Instruments Defining the Rights of Security
               Holders
          4.1(x)   Third Loan Modification Agreement, dated as
                   of August 11, 2003 (Filed Herewith)
          4.2(vii) Sixth Amendment to Term Loan Agreement,
                   entered into on July 30, 2003, and effective
                   as of June 29, 2003 (Filed Herewith)

     (10) Material Contracts
          10.3(x)  Employment Separation Agreement (Gary L.
                   Gifford, President/CEO), dated April 15, 2003

     (31) Rule 13a - 14(a) Certifications

     (32) Section 1350 Certifications

(b)  Reports on Form 8-K
     (1)  A report on Form 8-K dated and filed on May 6, 2003,
        included Item 7, Financial Statements, Pro Forma Financial
        Information and Exhibits and Item 9, Regulation FD Disclosure
        and no financial statements.

     (2)  A report on Form 8-K dated and filed on June 10, 2003,
        included Item 9, Regulation FD Disclosure and no financial
        statements.








                            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.





  August 13, 2003            /S/ PAUL J MEYER
       Date                      Paul J. Meyer
                                 Executive Vice President/Finance
                                 (Principal Financial Officer)