The results of the company's cost-cutting measures
are evident in its profits, which increased 5 percent
during the first 3 months of this year after it fell over the last two years.

(A) which increased 5 percent during the first
3 months of this year after it fell
(B) which had increased 5 percent during the first
3 months of this year after it had fallen
(C) which have increased 5 percent during the first
3 months of this year after falling
(D) with a 5 percent increase during the first
3 months of this year after falling
(E) with a 5 percent increase during the first
3 months of this year after having fallen

My questions -

1. Would option A still be incorrect if it read -
which increased 5 percent during the first
3 months of this year after they fell

Isn't "after" in the sentence making the sequence of event clear.