April 29 (Bloomberg) -- Aventis SA, the French drugmaker that agreed to be taken over by smaller rival Sanofi-Synthelabo SA, said first-quarter profit rose 15 percent as it cut costs.

Net income rose to 556 million euros ($658.3 million), or 71 cents a share, from 485 million euros, or 61 cents a share a year ago after Aventis reduced administrative spending. Sales fell 0.6 percent to 3.95 billion euros. The results matched the median estimate of eight analysts surveyed by Bloomberg News.

Aventis and Sanofi on Monday agreed to combine, creating the world's third-biggest drugmaker, after Sanofi raised its initial bid 15 percent. The agreement came after three months of opposition by Aventis Chief Executive Officer Igor Landau and after Switzerland's Novartis AG withdrew from talks with Aventis, citing French government opposition to a foreign buyer.

Aventis's first-quarter profit increase comes after Landau improved his company's per-share growth by selling assets and buying back shares. He sold holdings in chemical makers Clariant AG and Rhodia SA and the Aventis Behring blood products business to focus on faster growing pharmaceuticals. The drugmaker plans to introduce four new medicines this year.

Sales in the first quarter were hurt by an increase of the euro against the dollar as well as a decline in U.S. sales of the antihistamine Allegra.

To contact the reporter on this story: Jasmin Mueller in Paris at jmuller@bloomberg.net

Last Updated: April 29, 2004 01:17 EDT