Spanish cement maker Cementos Portland Valderrivas SA, posted a net profit of Euro 20.3m for the first quarter of 2004, a 2.0 per cent year-on-year decrease, the company reported to Spanish stock market regulator CNMV on May 12, 2004.  Gross operating profit totalled Euro 56.8m, a 5.8 per cent increase. The profit from ordinary operations stood at Euro 32.7, up 4.1 per cent. Pre-tax profit decreased 2.9 per cent to Euro32.9m Turnover of the company reached Euro 200.9m, a 6.7 per cent rise. Domestic cement demand rose 4.7 per cent to 11.4Mt, the company said.  Cementos Portland is currently upgrading clinker production process at its US subsidiaries Giant Cement Holding and CDN-USA (Dragon Cement).