Consolidated operating income of $208.7 million in the Fiscal 2016 Quarter increased $283.2 million as compared to the $74.5 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 $224.4 million in the Fiscal 2016 Quarter increased $186.3 million, due to the impact of the higher revenues as well as lower selling, acquisition, operating and general expenses.
Results reflect a $50.7 million decrease in interest expense relative to the Fiscal 2015 Quarter, due primarily to one-time costs incurred in the Fiscal 2015 Quarter related to the financing of an accretive acquisition in Consumer Products and refinancing activities, which were partially offset by higher overall debt levels, due primarily to the financing of the acquisition in Consumer Products.
HRG recorded a tax benefit of $8.4 million, or a (7.9)% effective tax rate, in the Fiscal 2016 Quarter as compared to a $37.8 million tax benefit, or a 20.8% effective tax rate, in the Fiscal 2015 Quarter . The decrease in tax benefit in the current quarter was principally due to the improved profitability in the current period partially offset by the reversal of a portion of Spectrum Brands' U.S. valuation allowance on deferred tax assets.
Net loss from continuing operations attributable to common stockholders of $77.4 million, or $0.39 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 $161.9 million, or $0.82 per common share attributable to controlling interest during the Fiscal 2015 Quarter. The reduction in loss was due primarily to the higher operating income as well as the reduction in interest expense.
For the nine months ended June 30, 2016 (the "Fiscal 2016 Nine Months"), HRG had corporate cash and investments of approximately $210.3 million (primarily held at HRG and HGI Funding LLC), a decrease of $27.1 million from the comparable balance of $237.4 million held as of March 31, 2016 due primarily to funding provided during the quarter to Energy.
In the Fiscal 2016 Nine Months, HRG received dividends of $47.0 million from its subsidiaries, comprised of $37.3 million and $0.4 million from the Consumer Products and Asset Management segments, respectively, as well as $9.3 million from FGL.
Non-Cash Impairments and Bad Debt Expense
Insurance and Asset Management
During the Fiscal 2016 Quarter, the Company received a partial repayment of an aggregate $65.1 million on the previously reported loan Salus made to RadioShack Corporation. Of this amount, $21.7 million relates to FGL's participation in the loan and is reflected in discontinued operations, and the balance is reflected in the Asset Management and Insurance segments. As a result of this higher than expected recovery rate, the repayment triggered a reversal of $18.0 million in previously recorded allowance for bad debt (which does not include $9.0 million reflected in discontinued operations for FGL's participation in the loan) in the Fiscal 2016 Quarter, and the Asset Management segment recorded a benefit of $0.9 million in net impairments and bad-debt expense in the Fiscal 2016 Quarter.
Pursuant to SEC reporting requirements, Compass performed a ceiling test at the end of the quarter utilizing the 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 $17.6 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 and the Compass sale transaction, as described below, is not completed, additional non-cash impairments to Compass'