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FALLING here is a gerund: a verb functioning as a NOUN. After falling is an adverb explaining how profits have increased. HOW have profits increased? They have increased AFTER FALLING OVER THE LAST TWO YEARS.
这里的falling的逻辑主语还是profits,而且它的时态跟随前面主句的时态,其实可以看成after the profits have fallen, they have increased 5 percent furing the first 3 month of this year.
Open to discuss~

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