On January 23, 1993, at approximately 0845 central standard time, a Cessna 172M, N73405, was substantially damaged during an aborted takeoff following the loss of engine power at the Baytown Airport, Baytown, Texas. Weather for the visual flight rules flight was visual meteorological conditions. The pilot sustained no injuries. Intercoastal Incorporated of Highlands, Texas, was the owner and operator. During an interview with a Federal Aviation Administration inspector the pilot reported the following information. During the takeoff on runway 31 the engine did not develop full power so he aborted the takeoff at approximately 55 to 60 knots. He felt he could not stop the airplane prior to reaching the end of the runway. His reaction was to ground loop the airplane by applying full left rudder. Following the ground loop, the airplane slid into a ditch. A detailed examination of the engine revealed that an exhaust valve in the number 3 cylinder was stuck. No other anomalies were found. The airplane was released to the owner.