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In a small bowl, combine 1/3 cup pineapple juice, 1/4 tsp coconut extract, and egg white.
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Beat with a fork or wire whisk until blended.
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Place bread slices in a shallow pan and pour egg white mixture over bread.
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Turn bread so that both sides soak up mixture.
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Melt 1 tsp of the margarine in a preheated nonstick skillet or griddle.
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Sprinkle half of the coconut in the pan and add the bread.
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Sprinkle the bread with the remaining coconut and dot with remaining margarine.
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Cook until toast is lightly browned on both sides, turning several times.
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While toast is cooking prepare sauce.
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In a small saucepan, combine pineapple juice, cornstarch, and sugar, mixing well to dissolve cornstarch.
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Cook over medium heat, stirring constantly, until mixture comes to a boil.
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Boil 1 minute, stirring.
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Remove from heat, stir in coconut extract, and cover.
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To serve, place a slice of toast on each of 2 plates.
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Spoon sauce over toast.