Porsche has criticised a report published this week that said that it earns significantly more profit per car than all other vehicle manufacturers.

A study from B&D Forecast concluded that Porsche earns EUR21,799 before taxes for every vehicle its sells. This is nine times as much as second ranked BMW, which earns EUR2,475 per vehicle before tax.

According to dpa-AFX news, Porsche has said that the study is “misleading” because it does not take into account one-off effects and special items that impacted on Porsche’s pre-tax result in its 2005/6 financial year, and that had nothing to do with the original Porsche business.

During the financial year, Porsche recorded a one-off gain of EUR80.7m due to the sale of its subsidiary, CTS Fahrzeug-Dachsysteme, EUR203m profit from the group’s investment in Volkswagen and earnings from share price hedging in connection with the purchase of VW shares which alone, Porsche noted, “made a contribution to profit easily of the order of triple digit millions”. Total pre-tax profit during the year was EUR1.668bn compared with EUR872m a year earlier.

According to the study, Toyota placed third in terms of pre-tax earnings per vehicle with EUR 1,684. Audi (EUR1,580), DaimlerChrysler (EUR708) and Volkswagen (EUR332) were next.