Consolidated operating income of $115.8 million in the Fiscal 2016 Quarter increased $292.9 million as compared to the $177.1 million of operating loss reported in the Fiscal 2015 Quarter. The increase was due primarily to a lesser amount of impairments and bad debt expense in the current quarter, as described further in the Additional Items section. Excluding the impact of impairments and bad debt expense, operating income of $143.4 million in the Fiscal 2016 Quarter increased $105.9 million, due to the impact of the higher revenues as well as lower selling, acquisition, operating and general expenses.
Results reflect a $14.7 million increase in interest expense relative to the Fiscal 2015 Quarter associated with higher overall debt levels, due primarily to financing activities completed in connection with accretive acquisitions.
HRG incurred a tax expense of $8.9 million in the Fiscal 2016 Quarter and a 43.4% effective tax rate as compared to a $0.8 million tax benefit in the Fiscal 2015 Quarter and a 0.3% effective tax rate. The increase in tax expense in the current quarter was principally due to an increase in pre-tax income at Consumer Products and Insurance, partially offset by a decrease in Consumer Products' effective tax rate as a result of realization of tax benefits that were previously covered by a valuation allowance. In addition, HRG recognized partial tax benefits expected to be realized as a result of the expected gain from the sale of FGL.
Net loss from continuing operations attributable to common stockholders of $19.9 million, or $0.10 per common share attributable to controlling interest during the Fiscal 2016 Quarter, as compared to a net loss from continuing operations attributable to common stockholders of $236.9 million, or $1.20 per common share attributable to controlling interest during the Fiscal 2015 Quarter. The reduction in loss was due primarily to the higher operating income.
For the six months ended March 31, 2016 (the "Fiscal 2016 Six Months"), HRG had corporate cash and investments of approximately $237.4 million (primarily held at HRG and HGI Funding LLC), a decrease of $58.0 million from the comparable balance of $295.4 million held as of December 31, 2015 due primarily to the payment of semi-annual interest made during the quarter on the Company's notes.
In the Fiscal 2016 Six Months, HRG received dividends of $30.9 million from its subsidiaries, comprised of $24.3 million and $0.4 million from the Consumer Products and Asset Management segments, respectively, as well as $6.2 million from FGL.
Non-Cash Impairments and Bad Debt Expense
Pursuant to SEC reporting requirements, Compass performed a ceiling test at the end of the quarter utilizing simple average first day of the month spot prices for the trailing twelve month period for proved reserves, which may not be indicative of actual market values or forward strip prices for those reserves. As a result of this test, Compass recorded a non-cash impairment of $21.2 million to its proved oil and natural gas properties during the quarter, due primarily to the ongoing decline in oil and natural gas prices. This impairment is reflected in the operating income of the Energy segment for the Fiscal 2016 Quarter, and, if oil and gas prices do not increase, additional, non-cash impairments to Compass' properties may be required in Fiscal 2016. In the Fiscal 2015 Quarter, Compass recorded $146.6 million of impairments.
During the Fiscal 2016 Quarter, $6.7 million of impairments and bad-debt expense were recorded. As of March 31, 2016, Salus' portfolio of asset-based loans receivable, net of allowance for credit losses, was $136.8 million, a decline of $89.9 million from the comparable balance as of September 30, 2015, as Salus continues to execute the orderly wind down of its operations.
During the Fiscal 2016 Quarter, the Company recorded a $13.1 million loss from discontinued operations, reflecting $10.4 million of a gain on FGL's operations in the quarter, offset by a $23.5 million reduction in the carrying value of FGL to fair value.