I don't think you can single out any alliance for poor financial performance:
JAL is actually doing very well after its restructuring. AA
is actually performing very well at an operating level during the restructuring and it looks like it will emerge stronger and over the next few years will have a modernised fleet with strong hard products. BA
is doing very well and now has scope for significant long-haul growth at LHR
is a problem at the moment, but it will pull through like BA
did a few years ago. LAN is staying in Oneworld. TAM looks likely to join. AB
has its problems, but it has never been a significant member. It looks like Qatar Airways will also join in due course.
Things are hardy rosy in the Star Alliance garden either. UA
has had a torrid time operationally post merger. SK
seems structurally doomed. SQ
is feeling the effect of competition from the Middle Eastern carriers like everyone else. It looks like Star will lose TAM to Oneworld. If Qatar joins Oneworld and Etihad joins SkyTeam, Star will be isolated in not having a partner in the Middle East.