Is it a bug?

[THOMAS Paul Richard]

This is a bug that is specific to functions where RESULT is specified in the
function statement(function foo).  In this case, the pointer itself is
printed.

Where RESULT is not specified, functions return a pointer result
correctly(function bar).  Here the value pointed too is printed.

I will submit this tonight.

$ cat   return_pointer.f90
! Test the return of  pointer
program ret_ptr
  print *, foo (99) , " from function foo (arg) result (ptr)"
  print *, bar (99) , " from function bar (arg)"
contains
  function foo (arg) result(ptr)
    integer :: arg
    integer, pointer :: ptr
    allocate (ptr)
    ptr = arg
  end function foo
  function bar (arg)
    integer :: arg
    integer, pointer :: bar
    allocate (bar)
    bar = arg
  end function bar
end  program ret_ptr
THOMASP@PC-THOMAS-P /cygdrive/d/gfortran
$ ./a
   168034328  from function foo (arg) result (ptr)
          99  from function bar (arg)