THE PURPOSE OF THE INSTRUCTIONAL FLIGHT WAS TO PRACTICE NIGHT TAKEOFFS AND LANDINGS WITH TWO BELGIAN STUDENTS. ON THE TAKEOFF PORTION OF THE SIXTH TOUCH AND GO, THE ENGINE LOST POWER WITH WHAT THE INSTRUCTOR DESCRIBED AS A SMOOTH REDUCTION OVER A ONE TO TWO SECOND TIME PERIOD. THE CFI TOOK CONTROL OF THE AIRCRAFT AND ABORTED THE TAKEOFF CLIMB. THE AIRCRAFT LANDED ON THE DEPARTURE END OF THE RUNWAY AND COLLIDED WITH A FENCE AND A LOCALIZER ANTENNA. THE CFI STATED THAT CARBURETOR HEAT WAS USED IN ACCORDANCE WITH COMPANY POLICY AT EACH POWER REDUCTION FOR LANDING. THE AIRCRAFT WAS EXAMINED BY AN FAA AIRWORTHINESS INSPECTOR. HE REPORTED THAT FUEL WAS FOUND IN THE TANKS AND LINES TO THE ENGINE. THE ENGINE WAS STARTED AND RUN IN THE AIRFRAME AT A LOW POWER SETTING WITH NO DISCREPANCIES NOTED. ADDITIONAL TESTS OF THE IGNITION, INTAKE, EXHAUST AND FUEL SYSTEMS REVEALED NO ABNORMALITIES.