Can you try this one:

#! /bin/ksh
IPLIST=`cat ./pinglist1.txt`
for ip in $IPLIST
do
echo $ip
ping -c 2 $ip >>log.txt
if [[ $? -eq 0 ]]
then
print $ip "PINGS">>pingresults.txt
else
print $ip "DOESN'T PING">>pingresults.txt
fi
done